According to a survey conducted by the online car insurance company Jerry, Generation Z views EVs as “cool.”
They, along with the millennial generation, are showing the most interest in acquiring electric vehicles due to concerns about global warming and expensive gasoline.
What’s wrong?
NPR found that those under the age of 40 expressed the greatest interest in purchasing an EV but had the least financial means to do so.
Despite the fact that EVs can save their owners money on fuel and maintenance costs, in the long run, they are typically around $20,000 more expensive to purchase initially due to the high cost of lithium batteries.
Tax credits may be available for some purchasers, but they are few at the moment.
Expectations
According to TrueCar’s Matt Jones, by the time millennials and Gen Z reach the age when they are most likely to purchase a car, the price of electric vehicles may have dropped due to greater production.
Subsidies for buyers and domestic battery production have led some analysts to predict that EVs and gas-powered vehicles may be priced similarly by 2025.
On the other hand, physical infrastructure can also be an obstacle.
Under 2030, the federal government plans for half of all new passenger cars and light trucks sold to be zero-emission models, and $7.5 billion has been allocated by the Bipartisan Infrastructure Law to install 500,000 public chargers across the United States.
However, according to McKinsey, the United States would require 1.2 million public and 28 million private charging stations, which is 20 times the number already in place.
