The main reason EV owners give for switching back to ICE cars is pricing, infrastructure and range anxiety.
As per a new study conducted by S&P Global Mobility, with the exception of Tesla owners, half of all other EV owners tend to go back to buying ICE vehicles either as a replacement or second car in their household. Tesla owners are among the few who are known to be fierce in terms of brand loyalty.
The new study states that the main reason EV owners give for switching back to ICE cars is pricing, infrastructure and range anxiety. A few EV owners also mentioned how having an ICE or hybrid vehicle in the garage as a backup just felt better.
The data in the study was collected this year, through July. It showed that while 37.3% of Ford Mustang Mach-E owners bought another EV, 45.8% of them opted for an ICE vehicle. A major chunk of these buyers is said to have bought either a Ford SUV or truck in both ICE & hybrid powertrains. Similarly, customers of the Bolt EV saw ICE households switch to Chevrolet SUVs and trucks.
As per a consumer survey, S&P Global Mobility also reported that car buyers’ consideration for purchasing an EV has fallen from a high of 81% in 2021, to 52% this year.
Tom Libby, Associate Director for Loyalty Solutions & Industry Analysis, S&P Global Mobility, stated, “The OEMs are spending huge amounts of money to develop EVs. So the last thing they want is for an EV owner to go back to ICE.”
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