Core Insights - The willingness to purchase electric vehicles (EVs) in the U.S. has dropped to a six-year low, with only 16% of adults indicating they are "very likely" or "likely" to buy an EV, down from 25% in 2022 [1] - Concerns over high battery repair costs (62%), high purchase prices (59%), and the suitability of EVs for long trips (57%) remain significant barriers to adoption [1] - The decline in gasoline prices to a four-year low has diminished the economic incentive to switch to EVs, with 74% of potential buyers previously citing fuel savings as a primary motivation [2] Consumer Sentiment - Interest in tax credits and subsidies for EV purchases has plummeted from 60% last year to 39% this year, with 12% of respondents worried about potential cuts to these incentives [5] - The belief that most passenger vehicles will be electrified within the next decade has decreased from 40% in 2022 to 23% in 2023, indicating growing skepticism about the future of EVs [5] Market Trends - Hybrid and plug-in hybrid vehicles are gaining popularity as a more pragmatic choice for consumers, combining the benefits of traditional internal combustion engines with electric power [6] - Despite the introduction of over 75 new EV models in the past four years, consumer hesitation towards purchasing electric vehicles persists, reflecting uncertainty about the future of EVs [6]