More Consumers Intend To Buy EVs But Concerned About Prohibitive Price Tag

(RTTNews) - More consumers in the United States want to buy an electric vehicle or EV but are concerned about higher prices, Reuters reported quoting a Deloitte survey.

The consulting firm, in its '2023 Global Automotive Consumer Study,' stated that the intent to purchase an EV is 3 percentage points higher than the previous year in the U.S. The growth is similar for hybrid electric vehicles and plug-in hybrid electric vehicles.

Revealing the survey output, Deloitte LLP Vice Chair and U.S. automotive leader Karen Bowman, opined to Reuters, "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."

As per the survey conducted between September and October 2022, fewer consumers are aiming to purchase gasoline-powered vehicles. The intent to buy an internal combustion engine dropped to 62 percent from 68 percent last year.

As major EV makers are raising prices amid high inflation, the biggest concern to buy EVs is a lack of affordability for more than half of the participants in the survey.

Among the prospective EV buyers in the U.S., nearly 7 out of 10 expect to pay less than $50,000 for their next vehicle.

The survey also showed that 30 percent of U.S. consumers do not trust anyone with the data from their vehicles.

Deloitte's survey further revealed that consumers across the world would be more interested to pay for connected technologies upfront as part of the vehicle's transaction price than a subscription plan.