A new study from J.D. Power shows steady consumer interest in electric vehicles despite sales not taking off like the industry expected in recent years. The study shows that 24 percent of in-market vehicle shoppers are “very likely” to consider an EV, and 35 percent are “somewhat likely” to go electric. These numbers are unchanged from the same survey last year, indicating a plateau in interest in electric cars.
“Despite the market volatility, EVs have found a solid ground for consumer consideration,” said Brent Gruber, executive director of the EV practice at J.D. Power. “To further capitalize on that interest and spur adoption moving forward, the industry needs to have products that meet consumer needs and wants at prices that are affordable. Additionally, the industry should better educate consumers about EV ownership to ease concerns – many of which, such as those related to public charging, are less problematic than they might seem when it comes to actually owning an EV.”
Gruber also spoke on the study’s findings that young and high-income buyers are receptive to electric vehicles, but, unfortunately, only 17 percent of consumers aged 25-49 have an annual income of over $100,000. “It’s an interesting dichotomy because younger consumers are the most receptive to EVs, but also the least likely to be able to afford them, while older consumers have the financial means but show less interest,” Gruber said. “Much of the recent growth in the EV space has been fueled by products from mass market brands, which demonstrates the pent-up demand for more affordable products.”
GM is one of the leaders in North America offering electric vehicles on the affordable end of the pricing spectrum, namely the Chevy crossovers like the Equinox EV and Blazer EV. The Equinox EV is one of the few electric models on the market with a starting price under $35,000 before incentives, and strong sales numbers are evidence of the pent-up demand Gruber mentioned. It will be interesting to see how the market’s desire for affordable electric cars from mass-market brands translates to sales for the upcoming 2026 Chevy Bolt EV, which we expect to be even cheaper than the Equinox EV.
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It wasn’t that long ago that you could buy a Chevy for $13k MSRP. Now we’re approaching 3x that price and calling it “affordable.” JD Power is correct. Carmakers need to offer better value for their EVs, and 35k, while affordable in the context of EVs, is not affordable enough. Remember when gm and others were promising $25k EVs? We really need an $18-20k model.
It wasn’t that long ago that egging a house was affordable! The hot selling new Chevy Trax starts under $22,000 MSRP brand new, making it the 8th lowest priced new car in America (the 7 cheaper ones really show their cheapness, btw), The new Chevy Equinox EV starts under $35,000 MSRP before your congressionally appropriated $7,500 Tax Credit equals under $27,500 which is pretty close all things considered. Mark Reuss said the 2026 Chevy Bolt EV will be just a couple hundred bucks more than the last one right under $28,000 MSRP, minus $7,500 Federal Tax Credit maths out to less than $21,000 MSRP- right at the bottom of the price of new cars in the year of our Lord 2025.
The 7500 tax credit is being eliminated.
Not yet. The house passed the bill, still has yet to clear the Senate.
It’s probably on its way out, but not yet.
Last time they offered something quite that cheap would have been the Chevy Spark, at $13,600 for a manual hatchback in 2022. With inflation that would be about $14,900 now.
Not an EV (but neither was the Spark) but the Trax is significantly more car for $20,500.
The upcoming Bolt EUV is a step in the right direction toward accessible EVs, and they already telegraphed that it would be a family of new models (including more affordable versions). GM has rapidly reduced their battery costs, and that should accelerate as they move forward with their Samsung partnership (which will be focused on LFP prismatic cells).
All of that sounds really good until you look at the market. That Spark can be offered as an EV in China for $6,000 while we’re sitting here discussing a yet-to-be-released $25,000 Bolt that has crept up to $27,000 and will likely be $30,000 once it’s released. We can talk about the cost-cutting and corporate strategy that gm is pursuing and act like everything is normal, but the market is not sustainable. Many just want safe, affordable transportation, and it’s not available.
“Remember when gm and others were promising $25k EVs? We really need an $18-20k model.” And you believed them…..
There are some very good GM EVs out there but the 3 cons for me are the price, range and charging. I opted for an end of production 2025 Cadillac XT6, rather than waiting for a Vistiq. The cons were too much for me wait, especially with only a 300-mile range.
No crap. We’ve been saying here for YEARS.
Screw these things. Start making vehicles people want and can afford again. Stop making everything for out of touch Boomers who have had several decades to build wealth. You just keep pulling up the ladder on everyone younger.
LOL, if GM was catering to Boomers as you suggest, they would still be making cars and cool vehicles instead of five different sizes of the same boring crossover.
Old women ARE buying the boring crossovers.
And China will end up taking over the world’s automotive industry. Electric is the future, whether you are happy about it or not. The west is falling behind on green energy, and it is us who will lose out. If we want to build wealth, we need to look to the future, not live in the past.
China’s demographics are screwed, they have cataclysmic issues coming just from that alone and there is no stopping it. China STILL uses mainly cheap, dirty coal for electricity, of course they want EVs.
The US has massive amounts of oil and natural gas here at home and the tech now to get them cheaply and easily and pretty cleanly. I’m not saying we stop advancing green energy, because the truth is we need all the energy we can get now.
Besides economics, the even bigger reason for securing as much energy now and in the future is to feed AI. It really does have the potential to transform civilization and technology at an exponential pace. The real arms race currently is acquiring the resources and energy and ability to generate MASSIVE amounts of energy for building and staying in the lead with AI.
I don’t know anyone considering an EV.
I don’t know anyone who is a singer. Therefore, no one is interested in music.
Jamie you are right. I got a good chuckle out of this.
Dumb & irrelevant comparison.
Just as many have expected. Early EV adopters have had their fill and growth will come at measured pace to match improving technology, reliability, safety, range, and charging availability/convenience.
An unwelcome surprise for many, especially those that buy cars every few years, is how steep the depreciation is compared to a comparable ICE vehicle. Leasing has to keep up with that reality to not become a financial albatross.
Well I learned you can’t judge this from other parts of the country.
While EV is doing ok here there are other parts they are very popular. California they are everyplace.
The reality is EV is here and it is not going to go away. I expect it will get to where it should have been and make the EV earn its place in the market based on price and performance not incentives. Automakers will not abandon this all together and they will offer models and improved models as we go.
They shouldn’t abandon it. Just keep making other options and stop the dystopian mandates to FORCE EVs.
There is a difference between “considering” and “buying” one of That type of vehicle.
The problem is they’re ridiculously expensive. You can’t get a well equipped car/suv that’s an EV under 40k unless you start looking at base trims. Sorry, I’m i’m spending mid to upper 40s, I’m going to be in the lap of middle class luxury with all the trimmings.
It’s not that consumers aren’t interested in EVs, enough to buy, it’s that OEMs are still not bringing them into mainstream trims enough… and there are models out there, look at GMs offerings in other countries, you can get an EV for upper 10s and low 20s, and spare me about safety features, those can be added without adding 20-30k on MSRP.