Survey: Consumers not happy with EV offerings

Edmunds says growth will continue slowing

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: Automakers 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 moneymaking 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.