During the most politically-charged Thanksgiving week in four years, a remarkable shift has been observed. People are increasingly purchasing Electric Vehicles (EVs) and are not hesitant to embark on road trips in their new, battery-powered vehicles. Analysts in the automotive and EV charging industry have reported a significant increase in DC fast charging sessions, with a nearly 50% rise compared to the same week last year.

Uncle's Concerns vs. Real-World Data

If one were to look across the Thanksgiving table and ask that racist uncle (the one we all know) about his thoughts on EVs, he might repeat some outdated concerns like range, infrastructure, or the grid. While some of these concerns might have held some validity 2-3 years ago, the real-world data is continuously showing that battery electric cars are more than capable of meeting the daily driving needs of the majority of Americans. Now, even road trips are within the reach of EVs, as evidenced by the data experts at Paren.

Chief Analyst's Perspective

Loren McDonald, the chief analyst at Paren, shares a positive outlook. "Despite the narrative suggesting a lack of chargers, our data clearly shows that the charging infrastructure is keeping pace with the growth in demand and session activity. Reliability is also making significant progress," he reports.

Data Analysis during Thanksgiving Week

We analyzed data across public fast charging "travel" stations (excluding dealerships and requiring four or more ports) from Monday to Sunday during Thanksgiving week. Black Friday 2024 witnessed a 54% increase in charging sessions compared to 2023, while Wednesday, the day before Thanksgiving, had a 39% increase. The overall average year-over-year (YoY) increase for the week was 48%.Despite the growth, there is no shortage of chargers, and long wait times, which were a problem for early EV adopters, are no longer prevalent. In fact, actual utilization rates have declined due to a 50% increase in new fast charging ports and the faster charging speeds of newer EVs.

EV Charger Reliability Index

Paren's proprietary EV charger reliability index showed a 3.4% improvement compared to last year, reaching 85.5%. This indicates an overall better charging experience for EV drivers. The index takes into account multiple factors and measures whether a driver can successfully initiate and complete a charging session. While some charge point operators claim high "uptime" rates meeting the NEVI minimum requirement of 97%, this metric only indicates if the charging system is turned on and not if a driver can actually complete a session due to various issues.You can explore Paren's Thanksgiving data dive in more detail on their site.

Electrek's Take

I have known Loren McDonald for several years. He has been cooperative with me in different capacities and is smart enough to find me a bit annoying at times. More importantly, he is almost always right and the first to acknowledge when his projections are off by just 1-2% while others' are off by 10-20%. Earlier this year, the data firm he founded, EV Adoption, was acquired by Paren. Loren and Paren's co-founder, Bill Ferro, visited me on Quick Charge to discuss this, and the episode is included above. Enjoy!