ARC ENERGY IDEAS

Why Is North America in the Slow Lane When It Comes to EV Adoption?

Sep 24, 2024

The discussion highlights the stagnation of electric vehicle sales in North America compared to the surge in China. Experts evaluate the critical issues like inadequate charging infrastructure, high depreciation rates, and the cost of fast charging. The conversation also touches on consumer preferences, favoring larger vehicles over smaller models. Insights from an industry veteran shed light on what’s needed to boost EV adoption and make them more competitive in the market.

45:15

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Quick takeaways

Electric vehicle adoption in North America is hindered by inadequate charging infrastructure, leading to consumer reluctance and increased range anxiety.

Rapid depreciation of electric vehicles compared to traditional cars raises financial concerns for potential buyers, impacting overall market growth.

Deep dives

Trends in Electric Vehicle Sales

Electric vehicle (EV) sales have shown a mix of growth patterns across different regions. In Europe, the market appears to be flat or slightly growing, primarily due to factors like the end of subsidies and inflation affecting consumer interest. Meanwhile, the U.S. has not seen a substantial increase in EV sales, remaining at around 9.3% of new car sales, which contrasts with the 30% year-on-year growth observed in China. Canada, however, has experienced an increase, reaching about 13% of new car sales, indicating regional variances in the adoption of electric vehicles.

Intro

4min

Electric Vehicle Sales Trends

9min

Challenges of EV Charging Infrastructure

10min

The Depreciation Dilemma of Electric Vehicles

15min

Examining Consumer Preferences in the Electric Vehicle Market

3min

Electric Vehicle Market Dynamics

5min

So far this year, electric vehicle (EV) sales have been less than expected in the United States and Europe, but growth remains strong in China. Why is EV adoption slowing in North America, and what is different in China?

We examine the latest sales numbers and the factors that could be contributing to slower growth in North America. Factors include a lack of charging infrastructure, the high cost of fast charging, high depreciation, and a current shortage of plug-in hybrid options. EV competitiveness with gasoline cars, especially in the compact car segments, remains an issue.

To help us with the conversation, our guest this week is Lawrence Romanosky, a Calgary-based 'car guy' with 20 years of experience as a luxury car sales manager. Lawrence was responsible for the first rollout of the Porsche Taycan all-electric car at the dealership in Calgary in 2019. Check out his auto blog and website here.

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