"Challenges Mount for Electric Vehicles as Sales Slow and Prices Drop"

A Bank of America Institute report has lowered projections for electric vehicle sales through 2030, citing a lack of affordability, limited choice, and "range anxiety" as reasons for the soft market. The report identifies baby boomers and "traditionalists" as leading the exodus away from EVs, with older Americans showing decreased demand. Domestic automakers' focus on high-end cars has led to missed sales opportunities for more accessible mass-market EVs, while tax incentives and an uncertain regulatory landscape also pose challenges. Plug-in hybrids are gaining market share as an alternative, offering lower emissions than conventional gas-powered cars.