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EV Prices Concern U.S. Consumers as Purchase Intent Increases

According to a survey by consulting firm Deloitte, more U.S. consumers are interested in purchasing electric vehicles (EVs), but rising prices are a concern.

Electric Vehicles on the Production Line
Electric Vehicles on the Production Line

The survey, conducted between September and October 2022, found that nearly 7 in 10 prospective EV buyers in the U.S. expect to pay less than $50,000 for their next vehicle. More than half of the respondents said affordability was the biggest concern regarding EV adoption, as top EV makers are raising prices due to high inflation.

Despite the pricing concerns, the intention to purchase an EV has increased three percentage points year-over-year in the U.S... At the same time, the intention to purchase a hybrid electric vehicle or plug-in hybrid electric vehicle has also increased by the same amount. In contrast, the intention to purchase a vehicle with an internal combustion engine has decreased to 62% from 68%.

EV Purchase Intent Increases Globally Despite High Prices

According to the "2023 Global Automotive Consumer Study" by Deloitte, the desire to reduce refueling costs is driving EV purchase intent worldwide, despite the high transaction prices that are a challenge for consumers. Karen Bowman, Deloitte LLP vice chair and U.S. automotive leader said, "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."

U.S. Consumers Lack Trust in Data Sharing with Manufacturers

The Deloitte survey also found that 30% of U.S. consumers need to trust people with the data from their vehicles, which poses a significant challenge for manufacturers looking to monetize the mobility experience through data. Globally, the survey found that consumers prefer to pay for connected technologies upfront as part of the vehicle's transaction price or on a per-user basis rather than through a subscription plan.