Link: The EV evolution is going to take longer than we thought

Despite recent headlines, electric vehicle (EV) sales are on the rise. JD Power projects that by the end of 2024, 1.2 million EVs will be sold in the US, totaling 9% of all vehicle sales.

Automakers are adjusting their strategies, which now include a mix of hybrids and plug-in hybrids, adding unpredictability to the market.

"Welcome to the messy middle of the EV evolution," states JD Power, highlighting the industry's current transitional challenges.

The high cost of EVs and the depreciation rate remain significant hurdles for buyers. The average price for an electric car was $56,520 in July 2024, compared to $48,401 for gas vehicles.

Charging experiences vary greatly, with ease depending largely on whether users can install home chargers or must rely on less reliable public stations.

The market is still dominated by Tesla, which skews perceptions of the entire EV sector. However, the Biden administration's continued investment in public charging infrastructure is expected to improve the overall public charging experience. #

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