Welcome to Extreme Investor Network, where we provide unique insights and valuable information on all things related to economics and investing. Today, we are diving into the topic of electric vehicles (EVs) and the current sentiment among Americans towards them.
A recent Gallup Poll found that there is a significant reluctance among Americans to switch to EVs due to high production costs and low demand. Despite the push to eliminate fossil fuels, it seems that the wishes of the people do not align with this agenda.
According to the poll, only around 7% of respondents currently own an EV, and the willingness to consider switching to electric has been declining. In 2023, 43% of respondents said they would consider switching to electric, but now that figure has dropped to 35%. Additionally, the number of people who have zero intention of switching to electric has risen to 48% from 41% annually.
Interestingly, the data reveals that upper-income respondents are more likely to own or consider owning an EV, while the willingness decreases among middle-class and working-class Americans. In fact, 61% of lower-income Americans said they would never switch to electric, showing a significant increase from previous years.
Moreover, there is a clear divide in opinion based on political affiliation, with liberals more likely to own or consider owning an EV compared to Republicans and Independents. Despite concerns about climate change, only 8% of people who worry about the environmental impact of fossil fuel cars actually own one.
Despite this resistance from the public, the government is pushing for 60% of new vehicle production to be electric by 2030. However, it is evident that the private sector is hesitant to produce these vehicles, and the demand from consumers is not as strong as anticipated.
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