Over the past few years, the automotive industry – not to mention governments around the world – have been trying to figure out how to convince consumers that all-electric vehicles are the future, as well as superior options to ICE models. However, several barriers remain when it comes to more widespread EV adoption, including pricing disparities, charging infrastructure, range, and charging speeds, to name just a few. A recent study from BCG sought to determine what, exactly, the next wave of EV buyers want from those types of vehicles now that early adopters have already purchased them, and came away with some pretty interesting insights.
To figure this out, BCG surveyed 3,000 potential next-wave EV buyers, asking them a variety of questions, including what they expect from EVs before taking the plunge and actually buying one. What they found was undoubtedly interesting, as those customers indicated that – on average – they expect to see at least 350 miles of range, coupled with 20-25 minute charging times, and price points at or below $50,000.
This obviously presents automotive manufacturers with a bit of a dilemma – in fact, right now, only one EV currently on the market meets all of these thresholds – the Hyundai Ioniq 6. However, as BCG points out, these marks are certainly achievable in the near future given advancements in technology – the more difficult component is making vehicles that hit these marks while also turning a profit for the companies making them.
This study also helps shed some light on why Ford recently decided to revamp its EV strategy and focus on smaller, lower-cost models, even pushing back other planned models – such as, potentially, the North American Ford Explorer EV, which was expected to have a range of around 350 miles. Instead, The Blue Oval is working on a low-cost EV platform set to underpin multiple future models, including a $25k crossover slated to launch in late 2026 that will reportedly be built at the Louisville Assembly plant.
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Comments
Americans don’t want EVs at all. Even repair shops have posters up outlining the expense and problems with EVs. The grassroots boycott against EVs is very effective.
The rising cost of electricity is also factor as utilities have to invest in infrastructure and generating capacity to meet increasing demand. Right now our Corsair GT is more econonmical to run in hybrid mode (41 mpg) with gas at $3.35/gal than charging it with $.24/kwh electricity for sometimes 27 miles. That $.24/kwh is scheduled to rise to $.28/kwh.
20-25 minutes is still too long for a recharge versus 5 min to refuel. That’s and inconvenient truth for the green crowd.
I can’t help but wonder if the “next wave potential buyers” that were surveyed were told that in order to get 350 miles of (freeway) range, the EPA rated range would need to be around 420.