A significant number of electric vehicle (EV) owners are contemplating a switch back to internal combustion engine (ICE) vehicles, according to a recent survey by McKinsey. The study reveals that nearly 30% of EV owners globally are likely to revert to traditional gas-powered cars. This trend is particularly pronounced in the United States, where 46% of EV owners expressed such intentions, well above the 29% global average.
The findings come at a time when EV adoption in the U.S. appears to be slowing, despite increased sales from automakers like General Motors (GM) and Ford. For instance, GM reported a 40% increase in EV deliveries in the second quarter of the year compared to the same period last year. However, EVs still represent only a small fraction of total sales, with GM’s EVs making up just 3.2% of its overall U.S. sales. Ford also noted a 60% rise in EV sales but signaled a more cautious outlook for future growth.
Tesla, the leading EV manufacturer, has also faced challenges, including a recent dip in sales and aggressive price cuts. These industry trends are reflected in consumer sentiment. A recent Gallup poll found a decline in the number of U.S. consumers considering an EV purchase, dropping from 43% in 2023 to 35% in 2024.
The hesitation among consumers is partly attributed to concerns about charging infrastructure. The McKinsey survey found that 35% of those considering a return to ICE vehicles cited inadequate public charging options as a key reason. Another 21% expressed anxiety about access to charging facilities.
