According to a survey published by Delloite more US consumers are willing to purchase more EVs. However, they are also concerned about the rising prices. Regardless of the concerns, only a fewer are aiming to purchase gasoline-powered vehicles.
Nearly 7 in 10 prospective EV buyers in the United States expect to pay less than $50,000 for their next vehicle, according to the survey conducted between September and October 2022. More than half of the respondents in the survey said a lack of affordability was the biggest concern when it comes to EV adoption, at a time when top EV makers are raising prices amid high inflation.
Tesla’s popular Model Y starts at $65,990, while legacy automaker Ford Motor Mustang Mach-E begins from $46,895, according to the companies’ respective websites. Despite the pricing pinch, the intent to purchase an EV is up 3 percentage points year-over-year in the United States, with an identical increase recorded for hybrid electric vehicles and plug-in hybrid electric vehicles, Deloitte said in its “2023 Global Automotive Consumer Study”. Internal combustion engine purchase intent dropped to 62% from 68%. Deloitte LLP vice chair and the US automotive leader Karen Bowman said, “Although historically high transaction prices are a significant challenge for consumers, a strong desire to reduce refueling costs is driving EV purchase intent around the world.”
EV manufacturers
The survey also showed that 30% of U.S. consumers do not trust anyone with the data from their vehicles, signaling a significant challenge for manufacturers looking to further monetize the mobility experience. Globally, consumers would rather pay for connected technologies upfront as part of the vehicle’s transaction price or per use, compared with a subscription plan, the study said.
There was another survey by Deloitte on electric vehicle adoption stymied by cost. It was Deloitte’s 2022 Global Automotive Consumer Study of more than 26,000 consumer responses from 25 countries that found that consumers are attracted to electric vehicles (EVs) because they are considerably cheaper to run than petrol or diesel cars, outweighing the concern for climate change. With less than 10 new electric cars bought in SA during April, the survey reveals 85% of South Africans still prefer internal combustion cars; 9% want hybrids; 4% plug-in hybrids (PHEVs), and only 2% would go for a full battery electric vehicle (BEV). Another factor to consider is that the majority of cars financed in SA cost roughly R350,000. The cheapest EV sold in SA is the Mini Cooper SE at R709,400 and the most expensive is the Porsche Taycan Turbo S costing R4m.
