Electric Vehicles are “piling up on dealer lots” as consumers continue buying traditional cars at faster rates, the Wall Street Journal reports.
The Wall Street Journal reports that, contrary to expectations from both the administration and the automotive industry, President Joe Biden’s green energy agenda has not gained widespread acceptance among Americans, despite substantial investments from the federal government and automakers in electric vehicles.
The report from the Journal notes, “As a result, electric cars and trucks are piling up on dealer lots, causing auto companies to reassess their investment plans. It takes a dealership around three weeks longer to sell an EV than a gasoline vehicle, according to data from car-shopping website Edmunds. A year ago, battery-powered models were selling faster than their gasoline counterparts. ”
Apart from the insufficient availability of electric charging stations and consumer concerns about reliability, the high cost of electric vehicles (EVs) stands out as a primary factor leading Americans to opt for gas-powered cars instead.
According to the Journal report, the average EV cost buyers nearly $52,000 last month, while the average gas-powered car cost less than $45,000. Industry experts said they do not expect EVs to get any cheaper until 2025.
The substantial taxpayer-funded investments by the Biden administration in electric vehicles (EVs) have not yielded results as expected. Notably, the $7.5 billion earmarked for the construction of electric chargers nationwide has not resulted in the establishment of a single charger to date.