The New York International Auto Show (NYIAS) recently sent out a copy of the Foresight Research Auto Show Immersion Report of Vehicle Purchasers, which included a number of interesting statistics, including evidence of the overwhelming popularity of the crossover and SUV segment, as we covered previously. However, the report also touched on interest in the electric vehicle segment, which is showing a good deal of strength among show-goers.
According to the new report, “74 percent of show-goers looked at electric vehicles and 36 percent said that they would purchase an electric vehicle.”
Those are some pretty big numbers for the relatively small electric vehicle segment, but for now, the interest has yet to translate into actual sales, as electric vehicle purchases remain below five percent in the U.S.
Nevertheless, The General’s only all-electric vehicle offering, the Chevrolet Bolt EV, has been performing somewhat decently lately. Chevrolet Bolt EV sales figures are up 22 percent in the third quarter of 2019, with total sales up to 4,830 units in the U.S. Sales increased in Canada and Mexico for Q3 of 2019 as well.
The study also included a number of other interesting stats, which we’ve listed below:
- 45 percent of attendees are female
- 54 percent have an income of more than $100K
- 36 percent added brands after visiting the show
- 11 percent earn over $200K
- 36 percent who did not come to the show with the intent to purchase a vehicle in the near future changed their mind as a result of visiting the show
- 84 percent of attendees live in a household with an average of 2.3 vehicles
- 72 percent say that they will purchase or lease in the next 12 months
- 47 percent influence others
- 46 percent will visit a dealership after attending the show
- 47 percent will visit a dealer or OEM website
- 83 percent visit the show because it’s “fun and entertaining”
Clearly, interest in the electric vehicle segment is high among auto show attendees. However, that’s not terribly surprising, as anyone interested in the automotive industry is likely interested in EVs as well, at least from a distance. The more impactful statistic will be when that interest translates into actual vehicle purchases.
Subscribe to GM Authority for around-the-clock GM news coverage.
Source: New York International Auto Show
Comments
The Chevy Bolt EV sales will increase due to Tesla’s announcement of a $500 price jump for the Model 3 since Tesla has no more federal tax credits. Chevy can increase those sales even more if the 2020 Bolt EV gets a new $1000 or more price cut for next year, then lower the 2021 prices even more.
https://ww.electrek.co/2019/12/13/tesla-increases-price-model-3-end-federal-tax-credit/
gm will have the last tax credit tranche of $1875 only a few months more than tesla.
that won’t make a bit of difference in bolt sales.
It will since Tesla increased its Model 3 prices (read the article). GM has to do the opposite: lower Bolt EV prices.
$500 is not enough to sway a tesla buyer into a bolt.
anyway, the model 3 isn’t the bolt’s competition. it is more like the hyundai kona. it still has the $7500 tax credit, it is cheaper and looks a lot better than the bolt.
they should change the name from the bolt to the screw(ed).
I will keep stating this. People that have test driven EV’s especially Teslas and have access to Home Charging want EV’s.
Not all obviously but quite a few. I have never stated that EV’s today are for everyone but they soon will be. Europe and China are spending Billions to assist their Auto Makers in succeeding in this new endeavor. They are building great infrastructure to make sure EV’s will be for everyone going Forward. Our Government is not as of right now. Tax Rebates Do very little to entice a drove of people into EV’s. Dealerships DO NOT want to sell them. I know first hand while assisting someone with a Bolt while visiting multiple dealerships. It was quite embarrassing. I also had the same issue with Jaguar and Audi.
Same Dealership Tricks.
They hate EV’s. This will be the Legacy Auto Makers biggest weakness going into the Future.
Consumers want great EV’s not a Dowdy looking econobox. I think the Bolt is great for what it is but just not at its current Price point. The Bolt needs to start at $25,000 and go up to like $35,000 in todays market. Their Interior materials are borderline offensive for a Modern Vehicle.
Now as far as that extra $500 I seriously doubt people will care that Tesla raised its cars by $500. I mean every Auto Maker raises their vehicle prices every single year mostly. That $500 will have Zero bearing for them. The Biggest hurdle Tesla will continue to have is the insane Demand they have in Europe. They have some tightrope maneuvering to do for the next two years while waiting on the Gigafactory 4 to open up in Germany. The only silver lining for them is that the Gigafactory 3 is pretty much up and running right now in Shanghai. That should free up some Fremont space for US and European Manufacturing.
Now as far as GM is concerned, they need a car the likes of a Ford Mustang Mach-E and not more econoboxes looking vehicles. If they think that a FWD Based Bigger Bolt type of vehicle will make a Dent vs Tesla, they are going to lose. Right now High Tech Individuals are the main EV customers and a Bolt looking Vehicle going Forward will not suffice at the Price point of the Model Y and Mach-E.
GM needs to step up their EV game ASAP. I Pray and hope they will be successful.
EVs are dead w/o huge tax credits. don’t overthink it.
No, they will sell without tax credits. Where I live, we pay no Federal taxes at all, yet I see Nissan Leafs, Chevy Volts and Bolts, and Tesla models. Tax credits only apply for those who have to pay. The wealthy and middle class don’t need them, and the low class needs point of sales rebates.
so you live in puerto rico? all EVs imported into puerto rico are exempt from the excise tax.
https://prbusinesslink.com/importing-tax-exempt-electric-vehicles-act-81/
call it whatever you want, but that is a tax subsidy for EVs.
Interest are not sales.
There is still work to do with cheaper and better batteries and better infrastructure.
As long as EV models cost significantly more and and still take 60 min to charge they will remain in the minority.
The higher price is a killer. ICE vehicles are too much now and then you add the extra cost of EV.
Even a 3 Tesla’s $20k over what you would pay for a similar sized ICE.
It will take time but things will improve.
The problem anymore are most new cars are getting out of reach of many. Add the cost of a EV on top and it just gets farther away.
@C8.R
How is a Tesla Model 3 (20K) higher than say a C- Class, A4, or 3 Series?
They are the same price basically hence why in Europe the German Three are getting their Teeth kicked in by Tesla. It also takes about 20 Minutes give or take on a Tesla Model 3 at a Tesla Supercharger to go from 20% to 80% so yes other Auto Makers need to catch up. That is the issue at hand.
Batteries will become much cheaper than ICE within the next 5-10 years. That is pretty much a Fact.
China unfortunately and Japan will become the leaders in the Technology because none of the American Companies took this on. Hopefully rumors are true that Tesla will start producing their own Battery Cells. That would be one American Company that will hopefully keep us competitive.
Sorry but the 3 if it had a gas engine would just be a $35k car. It is far from a Euro like luxury sport in trim and comfort.
The Superchargers are not everywhere. None in my area that are even close. There is still work to do.
The point is the meat of the market is in the mid sedan and mid and compact sized CUV. No one can produce that yet at the same price as an ICE version.
You get charging to the time to fill a tank and every gas station will have a charger on the island.
You get where the vehicle is the same price as the ICE then things will take off.
Everyone is struggling to get suppliers as with limited markets many companies are reluctant to invest. Also if you invest in your system but someone else gets chosen you are going to go broke. It is like Bets vs VHS years ago.
The bottom line is faster charging and getting prices the same as ice are needed. They will get there but we are not there yet.
I believe the argument that EVs need to be more like ICE vehicles is the wrong approach. EVs are different, and always will be. Think of the consequences of saying, “well, I NEVER have to charge my wired telephone, so why get a cell phone?”. The key is for EV proponents to come up with the “killer app” that ICE can’t do. Right now, that seems to be operating without a local source of emissions. If that’s it, then I don’t see how they win. People just don’t care about the state of the planet 100 years from now enough to take a risk. Just like the cell phone, the benefit will be something seemingly unrelated – maybe helping manage the electric bill with vehicle-to-grid.
ICE prices are high for most buyers, so some keep older cars for much longer. An EV is a much better purchase even if its initial price is higher as it has much less maintenance needs and a lower cost of ownership, so an EV owner will keep it even more years than an ICE vehicle. BTW, I prefer to let my EV charge overnight for hours at home than waste many minutes, and risking the traffic, weather and crime buying gasoline outside my home. I feel sorry for everyone who still needs to travel to get fuel. You get what you pay for!
I think the problem in this survey are the income levels. Average income in the US is $45K, but more than half of the survey responses earn more than 100K, so I think a more widespread income band is required to judge true interest levels. Once the vehicle price for a sedan or crossover climbs above 40K, it makes more sense to buy a Tesla than any other luxury brand due to their superior value proposition.
Not made for north American,
Still not enough charging station, cost cost cost and more $$$$$$$. Some one gotta pay ……….
Foriegn markets let them enjoy lol they can’t afford the price of dino juice…
I find it comical that some still think EV’s are not going to take over ICE when literally every Auto Maker in the World is stating they are and almost every major Government as well.
Not sure what else is needed for some to understand that ICE (fortunately or unfortunately) has an End time. Some Segments will obviously take longer to migrate such as Heavy Duty Trucks.
EVs will take over when they are affordable. and right now, that requires lots of tax credits. without them EVs are dead.
Robots and Zombies will take over first,
And don’t forget the Alien…..
People will not buy EVs in droves until four things happen:
1) The cost of the EV is within 10 percent or less of a comparable ICE vehicle.
2) There are as many charging stations as there are gas pumps
3) EVs will recharge just as fast if not faster than it takes a gas tank to be filled
4) The range will be just as much it not more than a comparable ICE vehicle.
Even if these things can be mastered, there is still the issue of where is all the electricity is going to come from to power these vehicles.
@Tiger
I mostly agree with all four of your reasons but even if that takes a little longer, EV’s will still sell at a high Clip and overtake ICE vehicles. Auto Makers can Ill Afford to spend the R&D on both Technologies going Forward. Once Batteries become at the same level or lower they will sky rocket in sales.
Europe and China will NOT allow “New” ICE cars to be sold in the Future. It is the inevitable. Our Big Three will not be able to Support Both vehicle architecture. I think Trucks (especially HD ones) will most likely be the last ones to be converted fully.