Dealers May Find EV Buyers Ahead

Dealers shouldn’t give up hope just yet on selling electric vehicles.

The just-released J.D. Power 2024 U.S. Electric Vehicle Experience Ownership Study notes that 70% of premium and more than 55% of mainstream vehicle buyers have “suitable” electric vehicle options in the marketplace. The question asked by J.D. Power, and undoubtedly many dealers, is, “Where are the buyers?”

“EVs are more widely available and affordable than ever, yet EV share has hovered at 8.4% for the past three months,” Elizabeth Krear, J.D. Power’s vice president, electric vehicle practice, tells WardsAuto. “But looking further into the data, we see Tesla is seeing a decline in EV market share, while traditional Mass Market EV share has grown 30% year over year.”

So, what does that mean? Basically, it’s too soon to know how consumer sentiment will change due to major improvements in EV affordability and availability. Krear adds that it’s important to watch whether these “competitive dynamics” hold and begin to attract more consumers to transition from gas-powered to electric vehicles. Check out the current data from J.D. Power:

For more information, go to the J.D. Power website.