""If you want to buy an electric vehicle for under $50,000 today, I would say in the United States there are well under five great choices," Scaringe said during a wide-ranging interview on InsideEVs' Plugged-In Podcast that airs Friday morning. "Until you start to have a number of choices, we're not going to see the market really expanding.""
""Not in every case, but in a large number of cases, I would say the product's not that good. It's not that desirable," he said. "So you could say it's that people don't want to buy electric, but I don't think that's the case. I think the reality is they don't want to buy marginal, okay-ish, electric cars.""
U.S. electric vehicle adoption has cooled after several years of rapid gains, with EVs now at roughly 8% of new vehicle sales. EV sales rose 7% to 1.3 million units in 2024, far below the 46% increase seen in 2023. Many new entrants have not materially expanded the market because consumers face limited attractive choices, especially under $50,000. The Tesla Model Y and Model 3 account for around half of the U.S. EV market, while the Hyundai Ioniq 5 and Kia EV6 are notable alternatives. Product desirability, range concerns, and charging infrastructure remain barriers, prompting automakers to rethink electrification plans.
Read at InsideEVs
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