Electric vehicles appear to have a long road to profitability, as these types of cars are continuing to struggle to win over public support.

The volatile outlook for electric vehicles comes after the release of Bank of America’s Car Wars 2024 report, which predicts that electric vehicles and hybrid cars will only make up 60% of all 2025-28 models — a decrease in what was previously expected. Automakers besides Tesla, the most well-known electric carmaker, are also facing rising costs to build electric vehicles, likely hampering the output of these cars.

“There’s a tremendous amount of work for the incumbents to do to reduce their EV costs and remain competitive with Tesla,” said John Murphey, senior automotive analyst at Bank of America Securities.

Murphey has also warned that profitability among electric vehicles is still a ways off and that it may take another four or five years before this can be achieved.

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The American Automobile Association’s most recent annual consumer survey stated that 63% of adults said they would be unlikely or very unlikely to purchase a fully electric vehicle, up by 10% from last year. Only 18% said they would be likely or very likely to purchase an electric vehicle, down from 23% last year.

Rep. Andy Ogles (R-TN) introduced the “Free Market Drives Itself Act” this month to eliminate the Electric Vehicles Working Group in an effort to reduce spending on electric vehicles. The lawmaker told the Washington Examiner that these vehicles are not “a practical choice for Americans,” and criticized the Biden Administration for trying to force “green transportation” on them.