Cox Finds EV Interest Not Yet Sparking

Sure, there are lots of people who want to buy Teslas, but one brand does not a solid segment make

Cox Automotive took a look at what real people think about their likelihood when it comes to the possibility or potential of their buying an EV the next time they’re in the market for a new vehicle and it seems that they are more likely to buy an ICE-powered pickup truck or SUV.

That is:

  • 38% are considering an EV within the next 12 months. Let’s face it, all of us consider lots of things. But when it comes to actually signing the documents. . . .
  • 21% say they are >50% confident their next vehicle will be an EV. There are a couple of ways of looking at this. Is the 21% a subset of the 38%. Or are these confident people, people who are likely to buy a new vehicle. . .oh, sometime.
  • 3% are 100% confident their next vehicle will be an EV. It so happens that 3% is the share of market that EVs will have this year.

Here’s something that’s not surprising:

If an EV is available for $5,000 less than a comparable gasoline vehicle, 71% will consider the EV.

Price is the second-highest barrier to buying, at 51% citing EVs and being too expensive.

The others are:

  • 57% think there’s not enough charging stations in their local vicinity
  • 42% are worried the battery won’t hold a charge
  • 41% are concerned with the cost of potential battery replacement (shouldn’t that be 42%, or is it that 1% who are worried about the lack of a sustained charge will just live with it?)
  • 37% still have range anxiety—although the positive news for EV purveyors is that two years ago 47% cited low range as a concern

Here’s something that ought to be of concern of the marketers at Nissan (LEAF) and Chevy (Bolt EV): 63% of those surveyed don’t know that Nissan offers an EV and 69% are unaware that Chevy has one in the showroom.

Oddly enough, 21% are aware of and considering a Toyota EV. Which leads one to wonder whether this is in anticipation of the bZ4X coming next year or that there are actually people who are aware of the fact that although the Mirai is powered by a fuel cell, it actually is an EV, just not a BEV (battery electric vehicle).

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