Nov 17, 2023
Electric cars can both make the power grid more resilient and vulnerable, experts say. (Qilai Shen/Bloomberg) Losing its spark: Three reasons EV producers are struggling to sell customers on the future Eden Villalovas November 17, 11:02 AM November 17, 11:02 AM Video Embed Recent developments have put the automotive industry on a fast track to transition toward electric vehicles, in what the Biden administration identifies as a key player in reducing carbon emissions. However, several bumps in the road have caused drivers to stop buying electric cars, including the high prices and confusing tax credits. The affordability problem One of the primary barriers to more widespread EV adoption is the initial cost. The average price people are paying for a new EV has dropped recently, largely influenced by Tesla's price cuts - down more than $13,000 year over year, according to Cox Automotive. However, EVs are still more expensive than their combustion counterparts. WHAT TO KNOW ABOUT
