A survey conducted by the consulting company Deloitte on Wednesday found that more Americans want to purchase an electric vehicle but are concerned about price increases. Nearly seven out of ten potential EV buyers in the US planned to spend less than $50,000 on their next vehicle, according to a survey conducted in September and October 2022.
Findings
According to more than half of the survey respondents, a lack of affordability is the most significant barrier to EV adoption when leading EV manufacturers to raise prices amid high inflation. According to their respective websites, Ford Motor Co.’s Mustang Mach-E starts at $46,895, while Tesla Inc.’s well-known Model Y begins at $65,990.
In the United States, EV purchase intent is up three percentage points yearly. Plug-in and hybrid electric vehicle purchase intent are also up, according to Deloitte’s “2023 Global Automotive Consumer Study.” Internal combustion engine purchase intentions dropped from 68 to 62 percent.
“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.”
Deloitte LLP vice chair and US automotive leader Karen Bowman
Additionally, the survey revealed that 30% of American consumers don’t trust anyone with the data from their cars, posing a significant obstacle for manufacturers hoping to commercialize the mobility experience further. Globally, the study found that consumers prefer upfront payments for connected technologies as part of the vehicle’s transaction price or peruse over subscription plans.
