Automakers rushed to produce electric vehicles (EVs) in response to huge buyer demand when they were first introduced. Now, it’s a different story. The first wave of buyers willing to pay a premium price for a battery-powered car have already purchased, and buyer demand is well below expectations for several reasons.
Many consumers are reluctant to make the switch, deterred by higher sticker prices, more expensive repair and insurance costs, and the inconvenience of driving a vehicle that has limited range (especially in cold weather), and an inadequate number of recharging stations for longer trips.
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