MIT study finds business benefit of public EV chargers has declined 85%
Story by Kenneth Schrupp • 14h
(The Center Square) - A new MIT study found that the business foot traffic and customer spending value of providing public EV chargers declined 85% between the study’s initial 2019 period and a later 2021-2023 period. This, combined with stagnation in EV sales, has experts suggesting the EV market is reaching saturation at its current level of technology.
According to the California New Car Dealers Association, battery electric vehicle sales have been a fairly stable 21% since the latter half of 2023, despite growing sales incentives at the local, state and federal level that make it possible to buy a brand new Tesla for less than $20,000 for qualifying customers.
In the first period, the installation of EV chargers increased spending relative to similar nearby businesses without chargers by 2.1%, falling to 1.4% in the second period. In lower income areas, EV chargers increased spending 2.9% in the first period but only 0.9% in the second period, a 69% decline.
The cumulative annual gain to the area of adding one charger in 2019 was $22,813 per year, while in the second period it had dropped to $3,412 per year, an 85% decline.
https://www.msn.com/en-us/money/other/mit-study-finds-business-benefit-of-public-ev-chargers-has-declined-85/ar-AA1rQDBX?ocid=widgetonlockscreen&cvid=a706bdc2035744fe89bbf5ade3663f62&ei=135
