Consumers Want EVs to Cost Less, Go Farther

Consumers in the U.S want electric vehicles to be less expensive and to be able to travel more than 500 miles on a single charge, according to a new survey by Deloitte, which tracked consumer attitudes towards EVs around the world. 

2019 Chevrolet Bolt EV
A new study from Deloitte shows U.S. consumers want EVs to cost less and travel further than 500 miles on a single charge.

The 2022 Global Automotive Consumer Study from Deloitte, a global business consulting and services firm, found as global auto manufacturers continue to invest in electrified vehicle production, consumers still prefer internal combustion engines. Deloitte found 69% of U.S. consumers looking to retain the technology for their next vehicle. 

Despite expecting to remain in their gas-powered vehicles, U.S. consumers expect fully charged BEV driving range to be north of 500 miles, while those in China, Japan and India are content with a range of around 250 miles. 

It better be cheap to be green

Even though more and more potential buyers are expressing a growing interest in sustainability globally, more than half — 53% — of U.S. consumers are unwilling to pay more than $500 for alternative engine solutions. 

Consumers are even less willing to pay an additional $500 for advanced technology in the areas such as safety, connectivity, infotainment and most significantly autonomy, according to Deloitte’s survey data collected in the U.S. 

Besides range and cost, 10% of the American consumers cited concerns about the amount of time it takes to charge a vehicle. Another 14% said they were deterred by the lack of public charging stations across the U.S., Deloitte reports. 

Like the idea of protecting environment 

For the most part, people are drawn to an EV because of an expectation of lower fuel costs, or they are concerned about climate change and want to reduce emissions. 

However, consumers around the world also worry about future increases in the cost of electricity. Potential increases in the price of electricity may sway a significant number of consumers away from a PHEV/BEV purchase in most global markets, according to Deloitte. 

The Deloitte study also found virtual sales continue to show promise for their convenience and ease of use; however, 75% of U.S. consumers would prefer an in-person experience for their next vehicle purchase. 

Additionally, shared mobility services like ride-hailing and car sharing have been slow to return to pre-pandemic levels; 76% of Americans prefer their personal vehicles to other modes of transportation.

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