Current:Home > FinanceWhat electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll. -Aspire Capital Guides
What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll.
View
Date:2025-04-13 06:46:42
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 mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
veryGood! (193)
Related
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Geena Davis on her early gig as a living mannequin
- Rolling the dice on race in Dungeons & Dragons
- Jimmy Kimmel celebrates 20 years as a (reluctant) late night TV institution
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- US heat wave stretches into Midwest, heading for Northeast: Latest forecast
- 'Women Talking' explores survival, solidarity and spirituality after sexual assault
- LBJ biographer Robert Caro reflects on fame, power and the presidency
- What do we know about the mysterious drones reported flying over New Jersey?
- And the Oscar for best international film rarely goes to ...
Ranking
- Arkansas State Police probe death of woman found after officer
- A rarely revived Lorraine Hansberry play is here — and it's messy but powerful
- At the end of humanity, 'The Last of Us' locates what makes us human
- 2023 Oscars Guide: Original Song
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- Chaim Topol, the Israeli actor known for Tevye of Fiddler on the Roof, has died
- U.S. prosecutors ask for 25 more years in prison for R. Kelly
- How Groundhog Day came to the U.S. — and why we still celebrate it 137 years later
Recommendation
What to know about Tuesday’s US House primaries to replace Matt Gaetz and Mike Waltz
Theater never recovered from COVID — and now change is no longer a choice
Robert Blake, the actor acquitted in wife's killing, dies at 89
Sundance returns in-person to Park City — with more submissions than ever
Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
LBJ biographer Robert Caro reflects on fame, power and the presidency
Sheryl Lee Ralph explains why she almost left showbiz — and what kept her going
'Wait Wait' for Feb. 4, 2023: With Not My Job guest Billy Porter