Economy

EV’s Have 80% More Problems Than Gas Vehicles; Something To Consider When Evaluating EV Stocks

The latest report from Consumer Reports found that electric vehicles (EV’s) have nearly 80% more problems than conventional internal combustion engine (ICE) vehicles.

The Insider

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EV’s Have 80% More Problems Than Gas Vehicles; Something To Consider When Evaluating EV Stocks
Prometheus

The latest report from Consumer Reports found that electric vehicles (EV’s) have nearly 80% more problems than conventional internal combustion engine (ICE) vehicles. The study used data from over 330k vehicles produced between 2000 to 2023 and included a few 2024 models.

The report also found that plug-in hybrid vehicles had 150% more problems than traditional ICE vehicles while ordinary hybrids were the most reliable with 25% fewer problems. Since EV’s are already more expensive than ICE vehicles, these additional problems have slowed the adoption of EVs over the last few months. Major EV producers like Tesla and BYD have reported stagnant sales over the last 2 quarters as customers have complained about batteries and charging systems. In addition, customers complained about the fit and finish of body panels and interior components as assembly lines struggled to create a decent vehicle for the end user.

Since Tesla and BYD control 75%+ of the entire EV market, it’s likely that 75%+ of the EV related issues are there’s as well. EV owners are always quick to point out how much they save by not paying for gas, oil changes, and engine related issues but not a single EV owner mentions the cost to replace a battery, faulty door, or braking system. Not to mention the fact that a fender bender is a write off because of all the costly radar sensors in the bumpers. And since EV owners already pay up much more than the cost of a traditional ICE vehicle at purchase, it’s getting hard to believe that there’s savings at all. EV’s are certainly the future but something needs to change before the average person can afford to buy and maintain one.

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