Consumer interest in electric vehicles, though slower to gain steam than manufacturers had anticipated, nevertheless is gaining.
A J.D. Power survey found 29% of consumers say they’re very likely to consider an EV as their next purchase or lease, the biggest percentage in nearly a year and a half.
The researcher credited increased production of lower priced Ford F-150 pickup trims and price cuts last year by U.S. EV market leader Tesla.
Large automakers started scaling back on EV production plans last year as consumer demand flattened, some switching focus to more hybrid production. Legacy brands have targeted all-electric lineups by next decade but haven't at least publicly backed away from those.
So far, the typical EV buyer has been in the early-adopter segment, and brands must now work on convincing the mass market to make the switch from gas-powered models. Surveys have consistently shown, though, that consumers resist it due to battery range and affordability concerns.
J.D. Power said it believes the industry is now in a good spot to win them over, indicating that "consumer interest, availability and affordability are all hitting the highest levels we’ve seen" in the past year. It said affordability has come in line with gas-powered vehicles due to tax breaks and Tesla's price cuts.
Originally posted on Auto Dealer Today