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Are You Listening, Tesla And Rivian? Most Potential EV Buyers Aren't Looking For A Fancy Truck — They Just Want Cheap SUVs

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Revolutionizing the EV Market: The Call for Affordable SUVs

The Disconnect in the EV Market

EV buyers

In the realm of U.S. EVs, a dissonance looms like a persistent cloud. Edmunds, the car shopping oracle, proclaims this gap in its latest EV sentiment survey.

The Market Realities: As per the January survey from Edmunds, potential EV owners harbor distinct desires concerning price, range, and vehicle type, desires currently unmet by the offerings in the market.

Approximately 47% of hopeful EV buyers are eyeing a sub-$40,000 price tag, with 22% yearning for an even lower threshold – under $30,000.

Yet, as noted by Edmunds, the market fails to present any new EVs less than $30,000, with rare exceptions like the Hyundai Kona electric lingering below $40,000.

Edmunds points a damning finger at the average EV transaction price in 2023, an eye-watering $61,702, significantly higher than the $47,450 benchmark for combustion engine vehicles.

Moreover, a resounding 85% of consumers express a preference for electric cars with a utility twist, favoring wagons and SUVs over the imposing pickup trucks.

Yet, against this backdrop of consumer preferences, the EV landscape remains punctuated with trucks such as the Rivian R1T, Ford F-150 Lightning, and the Cybertruck. Edmunds paints a telling picture of these pickups as niche offerings with a limited fan base.

Significance in the Chaos: While the EV arena burgeons, it frustratingly fails to harmonize with the tune of the customers, laments Edmunds. This discord, coupled with concerns over charging infrastructure, proves to be a barrier hindering the short-term growth of EV sales.

Edmunds foresees a gradual deceleration in the growth rate of EV sales through 2024, projecting a modest rise to an 8% market share. The climb from 5.2% in 2022 to 6.9% in 2023 appears to pave a rocky road towards mass adoption.

For more intriguing insights into the future of mobility, delve into Benzinga’s coverage by clicking here.

Explore Further: Toyota Was Right? Japanese Automaker Trails GM In America — But Hybrid Strategy Gives It Edge In EV War

Image Credits: Shutterstock

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