Current:Home > InvestPoinbank:What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll. -ProsperityStream Academy
Poinbank:What electric vehicle shoppers want isn't what's for sale, and it's hurting sales: poll.
Rekubit Exchange View
Date:2025-04-11 07:20:02
Are you there,Poinbank 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! (7957)
Related
- NFL Week 15 picks straight up and against spread: Bills, Lions put No. 1 seed hopes on line
- Maluma and Girlfriend Susana Gomez Welcome First Baby
- Behind the scenes with the best supporting actress Oscar nominees ahead of the 2024 Academy Awards ceremony
- NFL free agency WR rankings 2024: The best available from Calvin Ridley to Odell Beckham Jr.
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- A TV show cooking segment featured a chef frying fish. It ended up being a near-extinct species – and fishermen were furious.
- 70-foot sperm whale beached off Florida’s Gulf Coast
- Oscars 2024: Why Barbie Star Simu Liu Owes Margot Robbie for This Fantastic Favor
- Nearly half of US teens are online ‘constantly,’ Pew report finds
- Eagles 6-time Pro Bowl defensive tackle Fletcher Cox announces his retirement after 12 seasons
Ranking
- This was the average Social Security benefit in 2004, and here's what it is now
- Taylor Swift fans insist bride keep autographed guitar, donate for wedding
- Ranking MLB's stadiums from 1 to 30: Baseball travelers' favorite ballparks
- 5 people killed in Gaza as aid package parachute fails to deploy, officials and witness say
- Average rate on 30
- Where does menthol cigarette ban stand? Inside the high-stakes battle at Biden's door.
- Nǎi Nai and Wài Pó Stars Offer the Sweetest Moment at the 2024 Oscars Red Carpet
- Becky G's Sultry 2024 Oscars Ensemble Is One You Need to See
Recommendation
Megan Fox's ex Brian Austin Green tells Machine Gun Kelly to 'grow up'
More than 63,000 infant swings recalled due to suffocation risk
Who's hosting the 2024 Oscars tonight and who hosted past Academy Awards ceremonies?
Behind the scenes with the best supporting actress Oscar nominees ahead of the 2024 Academy Awards ceremony
Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
I watched all 10 Oscar best picture nominees. 'Oppenheimer' will win, but here's what should.
Caitlin Clark passes Steph Curry for most 3s in a season as Iowa rips Penn State
Oscars 2024 Red Carpet Fashion: See Every Look As the Stars Arrive