EVs have hit a ceiling

S3 Magazine Podcast

Legacy car manufactures have been in an all-out race to go EV, but have they all been racing for just 10% of the market? Have EVs hit a ceiling? This EV transition isn’t naturally consumer-driven. Instead, it’s largely government-forced. And therein lies the problem. You are forcing/squeezing people to buy something that many of them don’t want… at a price they can’t easily afford. For a product that in many ways, is less convenient & more restricted. It’s not a super-attractive option for most. But having said that… IT SEEMS ABOUT 10% OF THE U.S. POPULATION ARE WILLING ‘EARLY EV ADOPTERS’. That means – about 10% of the people like the tech, they think it’s cool stuff, and they don’t mind paying more to be on the frontend of it. They’re also more patient with EV charging infrastructure, recalls, ownership hiccups, obsolescence, etc. And that’s all totally fine & good. BUT THERE SEEMS TO BE A CEILING AT ABOUT 10%… And it’s a ceiling that’s apparently caught legacy car manufacturers by surprise. They’re having a tough time breaking through the 10% barrier… as evidenced by EVs stacking up at dealerships. See – for the pasts few years, car makers have been racing to build EVs. And racing & racing & racing. Talking-up the millions of EVs they’re gonna be making within a couple years… perhaps never looking up to read the room. All we heard as marketing victims, was how much “demand’ there was. Soooo much demand for EVs… because a gaggle of people put an hundred-dollar refundable deposit on an EV truck a few years ago. Electric vehicles have been the biggest hype-train to happen to automobiles… since automobiles. EVs have had more than their fair share of growing pains, recalls, delays, broken promises, deceptions, and inventory shortages. And now that production is finally stabilizing & EVs are finally starting to come through the pipeline… they’re stacking-up unsold at dealerships. It illustrates that maybe… THE EARLY ADOPTERS HAVE ADOPTED… And the rest of the people… just don’t want it. And they won’t… until all the uncertainties have been ironed out. The masses are not necessarily resistant to EVs, they’re just not gonna be on board until it makes sense. For them, they’re reasonably skeptical. And yes, EVs have become blatantly politically manipulated under a false illusion of ‘sustainability’… so that has caused some added resistance & backlash. PEOPLE WANT TO SEE HOW THIS FAD SHAKES OUT… Yeah we’ve all heard that “EVs are the future.” They’ve said that many, many times. But despite the repetitive sales pitch, the masses need to see significant improvements in infrastructure, as well as vehicle cost reductions & improvements in overall capability. To break past the 10% ceiling, EVs have to evolve to a point where they’re cost effective, easy & quick to charge, non-restrictive, and safe. It needs to make sense. And it needs to not be forced. Put it this way: If EVs were truly a better option, wouldn’t people flock to buy them even without government incentives or mandates? I’m not saying it won’t get there… but it’s not there yet. And it’s not yet suited for the person who’s not willing to adjust their lifestyle. AS ILLUSTRATED BY OUR FORD ARTICLE LAST WEEK… Perhaps manufactures are starting to come out of their “we’re not gonna listen to our customers” coma & realize that it doesn’t necessarily have to be “full-scale” anything. We don’t all live the same lifestyle, or live in the same environments, or have the same requirements in a vehicle. And if you really want what’s best for the planet, if that’s your main issue behind all this, then I’d suggest removing some politicians first… as that’s where your real threat is.