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Insight of the Day: What electric vehicle shoppers want isn't what's for sale, and it's hurting sales

The article highlights the challenges facing electric vehicle (EV) sales due to a mismatch between consumer preferences and the offerings in the market. Here are the key points:

1. Consumer Preferences vs. Market Offerings: The Edmunds 2024 EV consumer sentiment survey reveals a significant gap between what EV shoppers want and what's available in the market. Consumers desire lower prices, with 47% aiming for EVs below $40,000 and 22% interested in those under $30,000. However, currently, there are no new EVs with an average manufacturer's suggested retail price (MSRP) below $30,000, and only four below $40,000.

2. Vehicle Type Preference: EV shoppers show a preference for cars and SUVs over electric pickups. However, many automakers are focusing on developing electric pickup trucks, which may not align with consumer demand.

3. Brand Trust: Consumers trust brands like Tesla and BMW for EVs, but these brands may not offer the variety or affordability desired by all consumers. Toyota and Honda, despite being trusted brands, have limited EV offerings in the market.

4. Impact on Sales: The lack of EV options meeting consumer preferences has led some potential EV buyers to opt for hybrids instead. Hybrids are perceived as more affordable and less daunting in terms of range and charging concerns.

5. Outlook for EV Sales: While EV sales could pick up with the right vehicle offerings at suitable price points and improved charging infrastructure, challenges remain. The coordination required between automakers, pricing, and infrastructure development makes it difficult to achieve significant growth in EV sales in the near term.

Overall, the article suggests that addressing consumer preferences, especially regarding pricing and vehicle types, is crucial for boosting EV sales and achieving broader adoption of electric vehicles.

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