Half of US car shoppers to get EV this year – Report

Half of US car shoppers to get EV this year – Report

A new report has found that about a half of new car buyers in America will be able to purchase an electric vehicle that suits their budget, size requirements, and brand preferences by the end of the year.

This is coming from JD Power E-vision Intelligence Report, showing affordability and incentives will be significant driving factors for the EV adoption in the US.
While many are interested in buying an electric car, high prices have put many consumers off.
But the EV market share is said to be rising and has reached 8.5%, nearly double what it was just a year ago.

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Half of US car shoppers to get EV this year – Report

This is said to be partly due to improved availability and more affordable vehicles.
J D Power predicts that around a half the new car buyers in America will have a genuine electric alternative to choose from by the end of the year. By 2026, it should hit the 75% mark.
The organisation’s Elizabeth Krear tells Automotive News that price matters to consumers.
She says when an EV sees a price cut or is offered with an incentive, “we immediately see the interest increase.”
Currently, most EVs are still priced out of reach for most. However, the advent of cheaper alternatives such as the Chevrolet Bolt has opened the market up to many consumers who were once excluded. Not everyone can afford a $50,000+.
With a purchase price of $26,500, the Bolt EV undercuts some ICE-powered vehicles by a considerable margin.
About four-in-ten new car customers have a reasonable electric alternative to the current crop of ICE-powered vehicles.
According to the JD Power EV Index, affordability was rated at 85.6 (out of 100 points) in January.
Once this reaches 100, EVs in America will have reached price parity with their gasoline-powered contemporaries.
This will undoubtedly increase the EV sales in the USA.