Current:Home > StocksWhat electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll. -NextFrontier Finance
What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll.
View
Date:2025-04-16 02:47:22
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! (569)
Related
- A South Texas lawmaker’s 15
- Why Eva Mendes Quit Acting—And the Reason Involves Ryan Gosling
- Suspect's release before Chicago boy was fatally stabbed leads to prison board resignations
- Aerial images, video show aftermath of Baltimore bridge collapse
- Military service academies see drop in reported sexual assaults after alarming surge
- Should college essays touch on race? Some feel the affirmative action ruling leaves them no choice
- Missouri attorney general is accused of racial bias for pinning a student fight on diversity program
- McDonald's to start selling Krispy Kreme donuts, with national rollout by 2026
- Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
- Joey King Reveals the Best Part of Married Life With Steven Piet
Ranking
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- EU investigating Apple, Google and Meta's suspected violations of new Digital Markets Act
- South Carolina has $1.8 billion but doesn’t know where the money came from or where it should go
- Hunter Biden’s tax case heads to a California courtroom as his defense seeks to have it tossed out
- Small twin
- Lego moves to stop police from using toy's emojis to cover suspects faces on social media
- Pennsylvania train crash highlights shortcomings of automated railroad braking system
- Iowa attorney general not finished with audit that’s holding up contraception money for rape victims
Recommendation
Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
'GASP': Behind the shocking moment that caused Bachelor nation to gush in Season 28 finale
If you see this, destroy it: USDA says to 'smash and scrape' these large invasive egg masses
Police investigate death of girl whose body was found in pipe after swimming at a Texas hotel
Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
Halle Berry reveals perimenopause was misdiagnosed as the 'worst case of herpes'
In a dark year after a deadly rampage, how a church gave Nashville's Covenant School hope
Halle Berry reveals perimenopause was misdiagnosed as the 'worst case of herpes'