Members of the millennial and Gen Z generations care more than past generations about climate change, but younger Americans have been slow to show that belief in one important way: electric-car buying.
Only 10% of electric vehicle buyers are between the ages of 25 and 34, according to Cox Automotive. A big reason: price. Younger generations of Americans are struggling with student debt and wage stagnation at a time when more than 70% of electric car customers’ incomes are at least $100,000. The biggest competition has been in the affluent consumer market, where Tesla had an early lead and is now being challenged by luxury car makers including Porsche, which recently debuted its first electric car at an even higher price point than Tesla’s most expensive models.