As has been covered extensively, the electric vehicle market is experiencing something of a slowdown, as consumer demand for the novel technology chills. New research from S&P Global suggests that the biggest factor in this turn away from EVs is the high price of getting into one.
In North America in particular, the majority of EVs are larger, more luxurious vehicles with high MSRPs. However, even in other parts of the world where more affordable EVs exist, like China, the price premium that batteries and electric motors bring is pushing customers away.
Almost half of consumers surveyed by S&P Global around the world said that they considered EV prices to be too high. While they understood why the technology carries a premium, they said that getting into it costs too much.
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