For years electric vehicles were a left-field choice and the cars themselves were grouped together because of their power source and viewed as a distinct category quite separate from ICE-powered vehicles.
But not any more. By the end of this year EVs will be available from so many brands and in so many sectors of the market that over half of Americans looking to buy a new car will have a viable electric option available to them, and that could swell to 75 percent before the 2026 runs out of charge.
That’s the view of J.D. Power, which told Automotive News that similarities in design between EVs and combustion vehicles was helping open up the market to more buyers. While many early electric cars like the original Nissan Leaf and BMW i3 appealed to drivers who wanted to stand out and perhaps broadcast their green credentials, the unconventional styling was also a turnoff for others.
And EVs are no longer restricted to a handful of brands. Compared with a decade ago, or even five years ago, the availability of an electric power option has mushroomed, meaning drivers who’ve been loyal to a marque for generations are more likely to be able to switch to electric power without having to switch brands.
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But J.D. Power says the other big factor responsible for making electric cars a viable option for so many more drivers is a fall in the price of EVs. J.D.’s data shows that three months ago drivers were looking at paying a 31 percent premium to pick an EV over a combustion vehicle, but that has now fallen to 24 percent.
Telsa has slashed its EV prices and Ford cut thousands from the price of its Mustang Mach-E during the early part of this year, and the cost of some electric vehicles has been further pushed down by both state incentives and the Biden administration’s Inflation Reduction Act, which offers tax credits of up to $7,500.
But just because those buyers can go electric, doesn’t mean they will. J.D. Power predicts that while more than half of new car buyers will have a viable EV option available to them by the end of this year, only one in 10 will choose a fully electric car.
