Summary
- Rising electricity costs identified as biggest challenge for EV drivers
- Concerns about range anxiety, lack of charging infrastructure, and slow home charging speeds noted
- Battery-related challenges like frequent stops for recharging and unexpected battery issues highlighted
- Despite challenges, 92% of EV drivers express commitment to transitioning to electric vehicles
- Director of Sales at Close Brothers Motor Finance emphasizes financial concerns hindering prospective buyers and calls for additional incentives for greater EV uptake.
Article
Electric vehicle (EV) drivers are facing increasing challenges due to high electricity costs, with nearly a third citing rising electricity prices as the biggest hurdle to EV ownership. The UK is set to see an energy price cap increase next week, further driving up household bills and exacerbating concerns for EV owners. A survey conducted by Close Brothers Motor Finance found that 83% of EV drivers have faced challenges in transitioning from traditional fuel vehicles, with issues related to battery performance and charging infrastructure being among the top concerns.
Range anxiety continues to be a major issue for EV drivers, with 29% expressing concerns about how far they can travel on a single charge. Additionally, a lack of charging points and inadequate charging infrastructure have been reported as significant problems by 28% and 21% of respondents, respectively. Battery-related challenges, such as the need for frequent recharging during long journeys and unexpected battery failures, have also been prominent issues reported by EV drivers. Despite these challenges, over 90% of respondents expressed willingness to purchase another electric vehicle in the future.
The key challenges identified by EV drivers in the research include not only rising electricity costs and range anxiety but also issues such as slow home charging speeds, chargers frequently being out of order, and battery range falling short of manufacturer claims. Lack of workplace charging facilities and battery unexpectedly going dead were also mentioned as significant challenges. Lisa Watson, Director of Sales at Close Brothers Motor Finance, highlighted the financial concerns that may deter prospective buyers, emphasizing the importance of incentives to encourage greater uptake of EVs.
As the cost of EV ownership may increase further with changes to electric vehicle exemptions expected in 2025, additional incentives are deemed crucial to ignite consumer interest in EVs. Policies that support the transition to electric vehicles and address concerns related to charging infrastructure, battery performance, and rising electricity costs will be closely watched by both drivers and dealers in the upcoming Autumn Statement. Despite the challenges faced by EV drivers, the survey indicates a strong commitment to the transition to electric vehicles, with the majority expressing intentions to purchase another EV in the future.
The research conducted by Close Brothers Motor Finance surveyed 500 electric vehicle drivers and sheds light on the various challenges and concerns faced by EV owners. With the UK preparing for an energy price cap increase that will impact household bills, the issue of rising electricity costs has become a significant hurdle for EV ownership. As the transition to electric vehicles continues, addressing challenges related to range anxiety, charging infrastructure, and battery performance will be essential in promoting greater adoption of EVs and ensuring a smooth transition to electric transportation.
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