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Friday, 27 May 2022 09:14

EV Consideration Up but Skepticism Still Exists

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Auto shoppers in America are more likely than ever before to consider buying a fully electric vehicle (EV), and new EV entries are responsible for much of the added consideration.

These new entries, many from long-established vehicle manufacturers, are turning EV skeptics into likely EV considerers, according to the J.D. Power 2022 U.S. Electric Vehicle Consideration (EVC) Study, released May 26.

 

The percentage of shoppers who say they are "very likely" to consider an EV for their next purchase or lease climbed to 24%, four percentage points higher than a year ago.

 

Several factors are at work in prompting the increase, but the introduction of new electric models---some of which are in an important and largely untapped segment such as pickup trucks---is a primary reason for the increased consumer interest.

 

“The addition of new EV models has moved the needle on consumer consideration,” said Stewart Stropp, senior director of automotive retail at J.D. Power. "In fact, several new models from perennial mass market brands are at the top of that consideration list. Even so, more remains to be done in terms of transitioning from early to mass adoption.

 

"Though the study findings show a shift in favor of EVs, about 76% of new-vehicle shoppers say they are not ‘very likely’ to consider buying one. With new EV model introductions coming at a rapid pace, automakers must continue their efforts to persuade more shoppers to give these vehicles a try."

 

One hurdle to EV adoption revolves around shoppers' living and working situations. There is a substantially higher ratio of shoppers who own their home who say they are "very likely to consider” an EV (27%) than those who rent (17%). Not only are homeowners more affluent, on average, but are more likely to be able to charge an EV at their residence.

 

Perhaps most tellingly, 34% of those who indicate they are unlikely to consider purchasing an EV say they lack...


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