Research and opinion suggests that a subset of potential buyers are concerned that EV maintenance costs will be higher despite fewer moving parts and that EVs are slower/less fun to drive than ICE models.
These views and other misconceptions on range and charging need to be proactively addressed through an government and industry backed education campaign.
Analyses show that EV maintenance and operating costs are lower, high-mileage warranties on hybrid systems and EV batteries are now the industry standard, and several premium brands are designing EVs to enhance both efficiency and driving performance.
Based on a comparison of five EVs across five automakers and their comparable size ICE counterparts from the same brands, EVs typically had 20-40% lower five-year maintenance costs.
There is a growing portion of potential EV buyers that are well educated about EV benefits. While early adopters of EVs were focused on high-tech features and sustainability, research shows that many potential buyers now cite a wider set of perceived benefits.
Acceleration and driving performance are now among the top benefits that many potential buyers now mention when considering EVs. The benefit of instant torque from e-motors was not a part of the consumer conversation for early EV models.
EV brands are exciting consumers, potential EV buyers still place greater trust in traditional car builders.
Having built strong brands, EV-focused automakers like Tesla, BMW continue to generate buzz from the automotive press and consumers.
What is surprising is that, in terms of “trust,” traditional brands are still compelling. Consumers indicate the highest levels of trust in EV models from established automakers whose portfolios consist of mainly ICE models.
This indicates that established automakers can improve their chances of growing EV sales by developing EV-specific brands or sub-brands.
Success also depends on the quality and range of EV models launched with the best mix of designs and driving experience.