Expanding EV Choices Increase Buying Consideration

The 2024 Equinox EV has range, space, technology. Click to Enlarge.

This just in – EV buying consideration data can be viewed a couple of ways as choices abound.

“Electric vehicle consideration is forecast to drop again in September as gas prices continue to fall and interest rates rise. The percentage of shoppers that are “very likely” to consider buying or leasing an EV in the next 12 months is 26.3%, down 1.7 percentage points from July,” says Elizabeth Krear, vice president, electric vehicle practice at J.D. Power. (AutoInformed: Record September for US New-Vehicle Spending at $45,622)

“Although these shoppers are easing off the pedal a bit, the percentage of shoppers who are “somewhat likely” to purchase an EV in the next 12 months increased 2.5 percentage points in August,” Krear notes.

The plausible theory by Krear is put thus: “The broader reach of EV consideration is due in part to the ongoing expansion of appealing product options. The Chevrolet Blazer EV made a scorching debut at No. 3 in the J.D. Power EV Consideration pulse survey. The GMC Sierra EV debuted at No. 16 and almost certainly accounted for the 3.4 percentage-point drop in the Ford F-150 Lightning’s consideration, moving it from No. 1 to No. 2. As the availability of EVs continues to grow, more customers are finding EVs that meet their needs, leading to more competition between brands and within segments on the path to greater EV adoption,” says Krear. (AutoInformed:J.D. Power: Gasoline Powered Vehicle Satisfaction Drops)

There might be even better news ahead for EV shoppers.

“While overall EV sales will continue to grow as availability increases, competition also will increase between brands, within segments and with price,” says Krear.  (AutoInformed: The 2024 Chevy Equinox EV – a $30,000 Breakthrough?)