A new report from Bank of America projects EV adoption to remain slow due to a lack of affordable options.
A lack of affordable electric vehicle (EV) options is extending the timeline for the country’s transition away from fossil fuels. A report from Bank of America projects that EV producers will not be able to offer competitively priced vehicles until 2028 or later, leaving most consumers priced out of the market. This delay is making President Biden’s goal of 50% of EVs by 2030 next to impossible to hit. Based on current data, the US will likely not reach 50% EVs until a year or more later.
Several major factors are contributing to the slow adoption of EVs. These factors including range anxiety and a lack of a robust charging network, a lack of affordable EV options for consumers, and questions about future federal policy after the 2024 election. Despite the slowdown, utilities and policymakers are still planning on increasing future electricity supply and strengthening distribution infrastructure in anticipation of more EVs and other non-fossil fuel technologies.
At the 2024 MACo Summer Conference general session, “A Brighter Tomorrow – The Future of Maryland Energy Policy,” MACo invites the preeminent energy leaders in Annapolis to discuss their views on the next few decades ahead.
The 2024 MACo Summer Conference will be held at the Roland Powell Convention Center in Ocean City, MD, from August 14-17. This year’s theme is “Turning the Tide.” More information can be found on our conference website.
