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Electric car manufacturers, are you here? I’m an EV buyer.
According to car comparison company Edmunds, judging by the number of EVs on the market, EV manufacturers aren’t really listening to what consumers want.
Concerns about EV battery life, concerns about cruising range, and lack of charging infrastructure are known concerns, but there is a large gap between what car buyers are looking for and what is being sold. This was revealed in Edmunds’ 2024 EV Consumer Sentiment Survey.
When these factors come together, the climb to mass EV purchases could become even steeper. Edmunds predicts that EV growth will continue to slow until 2024, with their share of the new car market rising from 6.9% last year and 5.2% in 2022 to just 8%.
“The electric vehicle market is growing, but consumers have enough concerns about choice and charging infrastructure challenges to limit further significant growth in the short term,” said Jessica, Head of Insights at Edmunds.・Mr. Caldwell said.
What do EV buyers want?
According to Edmunds, the top three things EV buyers want are:
◾ Low price: 47% of EV buyers want an EV that costs less than $40,000, and 22% are interested in an EV that costs less than $30,000.
reality: Zero new EVs have an average Manufacturer’s Suggested Retail Price (MSRP) below $30,000, and only four have an average MSRP below $40,000. The average transaction price for electric cars in 2023 was $61,702, compared to $47,450 for all other vehicles, Edmunds said.
◾ Cars and SUVs over electric pickups: Among existing car owners, pickup drivers are least likely to want to try an EV, with 39% saying they wouldn’t consider it. Among EV buyers, 43% were interested in a passenger car, 42% considered an SUV/crossover, and only 10% considered a truck.
reality: The automaker has a long lineup of trucks on the market, including the Rivian R1T, Ford F-150 Lightning, GMC Hummer EV, Tesla Cybertruck, and the Chevrolet Silverado EV, GMC Sierra EV, and Ram 1500 Rev could also be in the pipeline. there is.. “It’s no surprise that Detroit automakers moved quickly to protect their most profitable products from the threat of EV startups, but at least for now, EV pickup trucks remain the primary consumer choice. “It appears that these concerns were unfounded, as it is a niche product with a limited consumer base,” Caldwell said.
◾ Most Trusted Brands of EVs: Toyota and Honda are ranked 3rd and 4th as the most trusted manufacturers of consumer EVs, with Tesla and BMW occupying the top two positions, respectively.
reality:Toyota only has one EV on the U.S. market, while Honda is just beginning to sell its first pure electric vehicle.
So what do EV shoppers buy?
Caldwell said EV buyers are moving toward hybrid vehicles because there aren’t enough EVs for sale that EV buyers want.
“People may think EVs aren’t for them until 2030 or 2035, but if you want to go green, hybrids are the way to go for now,” she says.
Non-plug-in hybrids are cheaper than EVs and reduce worries about range and chargers.
Will EV sales increase again?
Caldwell said that’s the case if car companies “make the right vehicles at the right price points and have the right (charging) infrastructure in place.” “But it’s difficult to coordinate all of these things because there’s no single entity that controls them all. EV speeds are going to be low for a while.”
Cox Automotive announced last month that its EV sales outlook index for the first three months of this year had fallen to 36, the lowest level since it began tracking it in 2021. “A year ago, when the index score was 53, the majority of auto dealers were suggesting the EV market would grow, not decline. That view has changed,” Cox reported. I mentioned it in my book.
Medora Lee is USA TODAY’s money, markets and personal finance reporter. Please contact mjlee@usatoday.com. Subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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