Electric Car Owners Revolt

Freedom Financial News | Posted July 02, 2024

A significant percentage of EV owners in the U.S. and other major economies are looking to return to gasoline-powered vehicles due to high costs, charging concerns, and limited driving range.

For years, we’ve been sounding the alarm about the impracticality of electric vehicles (EVs) for the average American. Despite their sky-high price tags, often exceeding $70,000, these vehicles offer little more than the functionality of glorified golf carts. Here’s why:

  • Economic and Environmental Drawbacks: EVs don’t reduce carbon emissions due to reliance on power plants and involve environmentally damaging mining operations.
  • Performance Issues: EVs struggle in extreme weather conditions and have overstated travel ranges due to additional energy needs for heating.
  • Growing Discontent: A significant percentage of EV owners in the U.S. and other major economies are looking to return to gasoline-powered vehicles due to high costs, charging concerns, and limited driving range.

The Carbon Emission Myth

First off, EVs don’t actually reduce carbon emissions. While the vehicles themselves don’t emit carbon, the electricity that charges them comes from power plants that do. The batteries, made from toxic chemicals and metals like lithium, cobalt, copper, and nickel, require extensive mining operations that consume vast amounts of water and electricity. As a result, thousands of tons of ore are needed to produce just one battery.

Performance Issues in Extreme Conditions

EVs face significant challenges in extreme weather. They struggle to take a charge in cold conditions, and the batteries often fail to hold a charge. Additionally, the travel range is overstated due to factors such as battery-draining heaters. Unlike internal combustion engines (ICE), which can use waste heat to keep passengers warm without extra energy, EVs need additional power, further reducing their range.

Economic Disadvantages

The financial drawbacks of EVs are also glaring. Resale values plummet since buyers of used EVs must anticipate spending $25,000 or more on new batteries after about seven years. It’s no wonder that many Americans are skeptical about EVs and their purported benefits.

The Reality Check

Recently, a survey by consulting firm McKinsey & Co. revealed that even dedicated EV buyers are reconsidering their choices. In nine major economies, 29% of EV owners want to return to ICE vehicles. Narrowing the focus to the U.S., a staggering 46% of surveyed owners expressed a desire to switch back to gasoline-powered cars.

The McKinsey officials who conducted the survey claimed to be “surprised” by these results. This surprise likely stems from their own misconceptions about EVs. The survey highlighted key concerns:

  • 45% cited high costs
  • 33% were worried about charging infrastructure
  • 29% were dissatisfied with the driving range.

A Brief History and a Return to Reason

The EV is not a new invention; it dates back to 1837 and saw peak popularity in 1910 before the rise of Henry Ford’s mass-produced internal combustion cars. The American public’s shift towards the Model-T was a testament to their preference for practical, reliable transportation. Today, after a short-lived enthusiasm for EVs, it seems Americans are once again recognizing the value of traditional vehicles.

The dream of emission-free transportation remains just that—a dream. As more Americans wake up to the realities of EV ownership, the industry faces an inevitable reckoning. The initial allure of EVs is fading, replaced by a renewed appreciation for the reliability and efficiency of internal combustion engines.

By shifting back to internal combustion engines, Americans are once again prioritizing practicality and reliability over the fleeting appeal of EVs. The evidence is clear: the false promise of the EV is being recognized for what it is, and consumers are making informed decisions to return to tried-and-true transportation methods.

Freedom Financial News Team