The good news for EV enthusiasts (as in those who enthusiastically support the proliferation of EVs not necessarily because of any environmental considerations but simply because (a) they have one and figure that others should, too, or (b) they simply think it is cool tech, and while they can’t afford it—according to KBB.com, EVs had an average retail price of $65,291 in September—they still think it is cool for those who can):
According to Elizabeth Krear, vice president, electric vehicle practice, J.D. Power: “October breaks a three-consecutive month decline in EV consideration.” More people are thinking about getting an EV.
J.D. Power data have it that 27.4% of people who are going to be in the market for a new vehicle in the next 12 months are “very likely” to consider an EV.
While that is a move in the right direction for EV sales, Krear has some other figures that are less propitious:
“Adoption has been flat for the past six months with the retail monthly share for BEVs hovering at 5.6%. The top two reasons for EV rejection are lack of public charging and price.”
As for that all-important price component, she points out that affordability has decreased by 15 points during the past 12 months and the recent rise in interest rates is having an effect, as well.
But the federal EV support money for EV purchases as well as an increase in the number of models (J.D. Power has 51 in its data set; two years ago it contained 27) are at least helping people consider EVs, even though they still might opt for that ICE model.