According to a survey by consulting firm Deloitte, a growing number of American consumers are interested in purchasing electric vehicles (EVs), but are worried about the increasing cost. The survey, conducted from September to October 2022, found that nearly 70% of potential EV buyers in the United States hope to pay less than $50,000 for their next vehicle.
Additionally, over half of the respondents cited affordability as the main concern when considering EV adoption, as top EV manufacturers are currently raising prices due to high inflation. In contrast, fewer respondents expressed interest in purchasing gasoline-powered vehicles.
According to the companies websites, the base price for a Tesla Model Y is $65,990, while a Ford Mustang Mach-E starts at $46,895. Despite the higher costs, Deloitte’s “2023 Global Automotive Consumer Study” found that the intention to buy an electric vehicle in the United States has risen 3% year-over-year, with a similar increase seen in the desire to purchase hybrid electric vehicles and plug-in hybrid electric vehicles. In contrast, the intention to buy vehicles with internal combustion engines fell to 62% from 68%.
According to the survey, 30% of American consumers do not trust anyone with the data from their vehicles, presenting a significant challenge for manufacturers seeking to generate revenue from the mobility experience. The study also found that globally, consumers prefer to pay for connected technologies either as part of the upfront transaction price for the vehicle or on a per-use basis, rather than through a subscription plan.
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