Current:Home > InvestWhat electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll. -Wealthify
What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll.
View
Date:2025-04-11 16:03:21
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! (75787)
Related
- From bitter rivals to Olympic teammates, how Lebron and Steph Curry became friends
- North Korea's Kim Jong Un boasts of new nuclear attack submarine, but many doubt its abilities
- Rihanna and A$AP Rocky's 1-month-old son's name has been revealed: Reports
- Escaped murderer slips out of search area, changes appearance and tries to contact former co-workers
- Sam Taylor
- Jessa Duggar is pregnant with her fifth child: ‘Our rainbow baby is on the way’
- Montana park partially closed as authorities search for grizzly bear that mauled hunter
- North Macedonia police say a migrant was electrocuted as he descended from freight train roof
- Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
- Escaped murderer slips out of search area, changes appearance and tries to contact former co-workers
Ranking
- $73.5M beach replenishment project starts in January at Jersey Shore
- Greece’s shipping minister resigns a week after a passenger pushed off a ferry ramp drowns
- Operation to extract American researcher from one of the world’s deepest caves advances to 700m
- Russian strikes on Ukraine kill 2 foreign aid workers, target Kyiv
- Immigration issues sorted, Guatemala runner Luis Grijalva can now focus solely on sports
- Tennis phenom Coco Gauff wins U.S. Open at age 19
- Explosives drop steel trestle Missouri River bridge into the water along I-70 while onlookers watch
- Call of Duty: How to fix error code 14515 in Modern Warfare 2
Recommendation
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
Greece’s shipping minister resigns a week after a passenger pushed off a ferry ramp drowns
Former British Prime Minister Liz Truss has a book coming out next spring
Moroccan soldiers and aid teams battle to reach remote, quake-hit towns as toll rises past 2,400
Travis Hunter, the 2
‘The Nun II’ conjures $32.6 million to top box office
GA grand jury recommended charges against 3 senators, NY mayor's migrant comments: 5 Things podcast
Dolphins' Tyreek Hill after 215-yard game vs. Chargers: 'I feel like nobody can guard me'