Young people want EVs… but their wallets don’t

Younger generations are into electric vehicles… if they can afford them.

Johnér Bildbyrå AB +46 8 644 83 30 www.johner.se [email protected] [email protected]

Gen Z apparently thinks EVs are “cool,” per a survey from auto insurance platform Jerry.

They and millennials are the generations most interested in purchasing electric vehicles, citing climate worries and rising gas prices as additional reasons.

The problem?

People under 40 are the most likely to want an EV, but less able to afford one, per NPR.

  • Though EVs may save drivers money on fuel and maintenance over time, they’re typically ~$18k more expensive upfront due to the high cost of lithium batteries.
  • Though some buyers may be eligible for tax credits, they are currently limited.

Optimistically…

… Matt Jones of vehicle pricing site TrueCar told NPR that by the time younger consumers hit prime car-buying age, EV prices may have come down given increased manufacturing.

Some experts believe EV and gas-powered car prices may even reach parity by 2025 thanks to subsidies for consumers and efforts to manufacture batteries domestically.

But infrastructure also poses a barrier

The federal government wants half of all new passenger cars and light trucks sold to be zero-emission by 2030, and the Bipartisan Infrastructure Law set aside $7.5B to add 500k public chargers across the US by then.

But McKinsey estimates the US would need 1.2m public and 28m private chargers — ~20x what it has today.

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