Electric vehicle market could be in for a bumpy ride

The Chevy Blazer first drove on the scene in 1969. The powerful SUV that once relied solely on gasoline is now electric.

Kent Bozarth, who runs a Chevrolet dealership near Denver, only has two EV Blazers on the lot. That’s not by choice. He says customers are demanding them. 

“Over the past couple years, it’s been a radical increase in the amount of interest in these vehicles,” said Bozarth. 

Electric vehicle sales in the U.S. have been accelerating. For the first time ever in a year, EV sales are expected to hit 1 million by Thanksgiving.

Still, automakers say demand for electric vehicles is cooling off. 

General Motors, Ford and Tesla are just a few of the manufacturers rethinking or canceling plans to invest in new EV technology or factories.

The economy isn’t helping either. Even with federal and state tax credits offering thousands of dollars to “buy electric”, high interest rates are making car loans expensive. Electric vehicles are also generally pricier than more traditional models.

The EV Blazer runs about $20,000 more than the gas version.

Bozarth believes EVs will likely save drivers money in the long run.

“In many cases the cost of gasoline and the cost of electricity, there’s a rabid difference for most consumers,” he said.

The good news is prices should keep falling as more models like the Blazer hit the roads. Until then, the EV market could be in for a bumpy ride.