Current:Home > FinanceWhat electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll. -FutureFinance
What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll.
View
Date:2025-04-17 06:32:44
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 [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
veryGood! (48223)
Related
- The Super Bowl could end in a 'three
- More Americans apply for jobless benefits as layoffs settle at higher levels in recent weeks
- Atlanta man arrested after driving nearly 3 hours to take down Confederate flag in SC: Officials
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Tri-Tip
- Meta releases AI model to enhance Metaverse experience
- Honolulu officers who handcuffed 10-year-old can be sued for using excessive force, judges rule
- Book excerpt: Same As It Ever Was by Claire Lombardo
- Greenhouses are becoming more popular, but there’s little research on how to protect workers
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Rally shooter had photos of Trump, Biden and other US officials on his phone, AP sources say
Ranking
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- Appeals court refuses to lift order blocking rule meant to expand protections for LGBTQ+ students
- Stegosaurus named Apex goes for $44.6M at auction, most expensive fossil ever sold
- Kourtney Kardashian Reveals When She’ll Stop Breastfeeding Baby Rocky
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- Angelina Jolie Asks Brad Pitt to End the Fighting in Legal Battle
- Why Selma Blair Would Never Get Married to Mystery Boyfriend
- The Grateful Dead and Francis Ford Coppola are among the newest Kennedy Center Honors recipients
Recommendation
What do we know about the mysterious drones reported flying over New Jersey?
Summer heat is causing soda cans to burst on Southwest Airlines flights, injuring flight attendants
NHL offseason tracker 2024: Hurricanes, Evgeny Kuznetsov to terminate contract
'Twisters' movie review: Glen Powell wrestles tornadoes with charm and spectacle
Tree trimmer dead after getting caught in wood chipper at Florida town hall
Pro-war Russian athletes allowed to compete in Paris Olympic games despite ban, group says
Alabama inmate Keith Edmund Gavin to be 3rd inmate executed in state in 2024. What to know
Chicago Sky trade Marina Mabrey to Connecticut Sun for two players, draft picks