Electric vehicles: A tale of woe in the absence of the market process

[Elderberry]

WND By Timothy G. Nash, Jason Hayes, Tom Rastin, Real Clear Wire

Introduction

You don't need a government agent to tell you what you want or when you want it.

Milton Friedman explained that "market processes" allow individuals to interact and exchange goods and services voluntarily. The prices they charge in these exchanges guide production and consumption decisions, ultimately leading to the most efficient resource allocations, maximized customer satisfaction, and increased purchasing power, and this all occurs with minimal need for government interference.

When it comes to electric vehicles, the absence of a "market process" has ignored consumers' wants and needs and allowed consumer demand to be misinterpreted. Demand exists only when a consumer needs and/or wants a product and can afford it. However, when government mandates and subsidies push EVs instead of more desirable vehicles, we can't tell if manufacturers are producing the optimal number of electric vehicles.

 Americans have many reasons to pause before purchasing an electric vehicle.

    Consumer Confidence

A recent Gallup survey showed that only 7% of Americans owned an EV. A further 9% were seriously considering a purchase, 35% reported they would consider buying an EV, and 49% were not interested in an EV (this includes 1% who had no opinion). This survey revealed an 11% decline in customer demand for EVs since 2023. The Gallup polling compounded the fact that most EV owners own at least one additional internal combustion engine vehicle. According to Edmunds, 40% of all electric vehicle trade-ins were used as down payments to purchase an ICE vehicle in the second quarter of 2024.

Conclusion

This list of reasons why consumers are hesitant about EVs is not exhaustive, but it does provide some clear reasons that companies and government regulators are moderating strategies to transition. Without government mandates and subsidies, it is highly unlikely that even 50% of consumers would choose an EV by the government's arbitrary date of 2032.

More: https://www.wnd.com/2024/11/electric-vehicles-a-tale-of-woe-in-the-absence-of-the-market-process/