Current:Home > ScamsWhat electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll. -Quantum Capital Pro
What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll.
View
Date:2025-04-17 07:11:08
Are you there, electric vehicle makers? It’s me, an EV shopper.
Judging by the EVs on the market, EV makers aren’t there listening to what consumers want, according to auto comparison company Edmunds.
EV battery longevity worries, range anxiety and lack of charging infrastructure are all known concerns, but there’s also a wide gap between what car shoppers want and what’s for sale, Edmunds’ 2024 EV consumer sentiment survey shows.
These factors together can make the uphill climb to mass EV purchases even steeper. Edmunds predicts the rate of EV growth will continue slowing through 2024, increasing to just 8% of new vehicle market share from 6.9% last year and 5.2% in 2022.
“The electric vehicle market is growing, but consumers have enough reservations about the options and charging infrastructure challenges to limit more significant growth in the short term,” said Jessica Caldwell, Edmunds' head of insight.
What do EV shoppers want?
The top three things Edmunds says EV shoppers want include:
◾ Lower prices: Among those who intend to buy an EV, 47% want one for less than $40,000, and 22% are interested in EVs below $30,000.
Reality: Zero new EVs have an average manufacturer’s suggested retail price (MSRP) below $30,000, and there are only four below $40,000. In 2023, the average transaction price of an electric vehicle was $61,702, while all other vehicles stood at $47,450, Edmunds said.
◾ Cars and SUVs, not electric pickups: Among existing vehicle owners, drivers of pickups are least compelled to try an EV, with 39% saying they wouldn’t consider one. Among EV shoppers, 43% are interested in a car, 42% would consider an SUV/crossover and only 10% would consider a truck.
Reality: Car makers have a long lineup of trucks coming, including the Rivian R1T, Ford F-150 Lightning, GMC Hummer EV, and Tesla Cybertruck, with a Chevrolet Silverado EV, GMC Sierra EV and Ram 1500 Rev also potentially in the pipeline. “It's not surprising that the Detroit automakers moved swiftly to protect their top money-making products from the threat of EV startups, but at least for now it appears this fear was unwarranted as EV pickup trucks are still largely niche products with a limited consumer base,” Caldwell said.
◾ EVs from the most trusted brands: Toyota and Honda rank third and fourth as the most trusted makers of consumer EVs, with Tesla and BMW taking the top two spots, respectively.
Reality:Toyota has just one EV on the market in the U.S., while Honda’s just beginning to sell its first pure electric.
What are EV shoppers buying then?
The dearth of EVs for sale that EV shoppers want has pushed them to hybrids, Caldwell said.
“People may not think an EV is right for them until 2030 or 2035, but a hybrid will work for now if they want to go green,” she said.
Non-plug-in hybrids are less expensive than EVs and ease people’s range and charger anxieties.
Will EV sales pick up again?
Yes, when auto companies make “the right vehicle at the right price point and we have the right (charging) infrastructure in place,” Caldwell said. “But it’s hard to orchestrate all that because (there's) not one entity that controls all of those things. EVs will be slow for a while.”
Cox Automotive said last month its EV sales outlook index dropped to 36 in the first three months of the year, the lowest level since it started tallying this in 2021. "A year ago, when the index score was 53, a majority of auto dealers indicated that the EV market would be growing, not declining. That sentiment has changed," Cox said in its report.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
veryGood! (5987)
Related
- Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
- A Russian missile hits a Liberia-flagged ship in Odesa, Ukraine’s main Black Sea port
- Parks, schools shut in California after asbestos found in burned World War II-era blimp hangar
- Video chat service Omegle shuts down following years of user abuse claims
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- 'Profound betrayal': Los Angeles investigator charged after stealing from dead bodies, DA says
- MGM’s CEO says tentative deal to avoid strike will be reached with Las Vegas hotel workers union
- U.S. childhood vaccination exemptions reach their highest level ever
- Current, future North Carolina governor’s challenge of power
- Powerball winning numbers for Nov. 8 drawing: No winners, jackpot rises to $220 million
Ranking
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- With Democrats Back in Control of Virginia’s General Assembly, Environmentalists See a Narrow Path Forward for Climate Policy
- Starting to feel a cold come on? Here’s how long it will last.
- Tracy Chapman becomes first Black woman to win CMA Award 35 years after 'Fast Car' debut
- Moving abroad can be expensive: These 5 countries will 'pay' you to move there
- People who make pilgrimages to a World War II Japanese American incarceration camp and their stories
- Clash between Constitutional and appeals courts raises concerns over rule of law in Turkey
- Horoscopes Today, November 8, 2023
Recommendation
Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
Parks, schools shut in California after asbestos found in burned World War II-era blimp hangar
Top US accident investigator says close calls between planes show that aviation is under stress
Not vaccinated for COVID or flu yet? Now's the time ahead of Thanksgiving, CDC director says.
Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
Israel agrees to 4-hour daily pauses in Gaza fighting to allow civilians to flee, White House says
Why it's so tough to reduce unnecessary medical care
Rashida Tlaib censured by Congress. What does censure mean?