Poll shows automakers are ignoring the FOUR things shoppers want from electric cars

Manufacturers like Ford, GM and Toyota are not meeting the expectations of EV shoppers in four key areas, new research reveals.

Shoppers want lower prices, higher ranges, electric SUVs and cars rather than the trucks makers have focused on, and more EVs from trusted brands like Toyota, according to a poll by Edmunds. 

This disconnect - which we examine in detail below - is being blamed for the slump in sales and vehicles piling up on lots. 

The report is another blow for Joe Biden's bid to phase out gas cars, and also the eight states looking to ban them entirely.

Tesla shares plunged Tuesday after the company reported its first year-on-year sales drop since 2020. The 386,810 delivered in the first three months of the year was down almost 9 percent from the same period in 2023.

Supply chain disruptions, anxiety about vehicle range and frustrations around charging infrastructure have hindered widespread EV adoption over the last few years.

But there is also a wide gap between what car shoppers want, and what is actually on sale, Edmunds found.

EV sales grew in 2023 to make up a 6.9 percent share of new vehicles - up from 5.2 percent in 2022. 

But Edmunds predicts this rate of growth will slow through 2024, with electric cars making up just 8 percent of the market share. 

'The electric vehicle market is growing, but consumers have enough reservations about the current options and charging infrastructure challenges to limit more significant growth in the short term,' said Jessica Caldwell, head of insight at Edmunds. 

Here are the biggest differences in consumer expectations compared to market realities. 

1. EV shoppers want prices far below current EV costs

Edmunds found that 47 percent of shoppers said they are seeking an EV cheaper than $40,000, while 22 percent said they were interested in buying an electric car priced lower than $30,000. 

But there are no new EVs currently on sale with an average suggested retail price below the $30,000 threshold, Edmunds found, and only four below the $40,000 mark. 

Last year, the average price of an EV was $61,702, while all other vehicles stood at $47,450.

2. EV shoppers want cars and SUVs, not electric pickups

Among those surveyed who already own a vehicle, pickup drivers are the least likely to consider buying an EV, according to the poll, with 39 percent saying they would not consider switching to electric. 

While among those who would think about buying an EV, 43 percent would be interested in buying a car, 42 percent would consider an SUV or crossover and only 10 percent would opt for a truck. 

In reality, the electric truck market appears bloated, according to Edmunds. 

It cited the Rivian R1T, Ford F-150 Lightning, GMC Hummer EV, Tesla Cybertruck, and the possibility of the Chevrolet Silverado EV, GMC Sierra EV and Ram 1500 Rev arriving in the not-so-distant future.

'It's not surprising that the Detroit automakers moved swiftly to protect their top money-making products from the threat of EV startups, but at least for now it appears this fear was unwarranted as EV pickup trucks are still largely niche products with a limited consumer base,' Edmunds said. 

3. Favorite brands do not offer EVs in volume 

The survey found Tesla is still the most trusted EV automaker in the US, but Toyota and Honda ranked third and fourth among the brands drivers would trust to make the best EV. 

However Toyota has just one EV on the US market, while Honda began selling its first pure electric car last month. 

'As these automakers ride a wave of success with their hybrid products, they have earned decades-long reputations for quality, instilling consumer trust in new technology,' Edmunds said.

On the flip side, brands such as Hyundai and Kia are not receiving the same kind of recognition by consumers for their EV offerings. 

4. Range expectations are met - but shoppers just don't know it

When posed with a question of their desired range for an EV they would consider purchasing, 46 percent of consumers said they were comfortable with 200 miles or less. Some 24 percent said they were comfortable with 99 miles or less. 

In reality, 200 miles is a target easily met by the vast majority of EV models on the market today, Edmunds said.  

The fact that almost a quarter of respondents indicated that they would be comfortable with a range below 100 miles signals a knowledge gap around realistic range expectations, Edmunds said.