U.S. consumers want EVs but prices are a concern

STORY: More U.S. consumers want to buy an electric vehicle but are being put off by high costs

That’s according to Deloitte’s ‘2023 Global Automotive Consumer Study’

More than half of respondents said a lack of affordability was their top concern when it came to EV adoption

Nearly 70% of prospective EV buyers in the U.S. expect to pay less than $50,000 for their next vehicle

It comes at a time when EV makers are raising prices amid high inflation

Source: Tesla/Ford

Tesla’s Model Y starts at $65,990, while Ford’s Mustang Mach-E begins from $46,895

Still, EV purchase intent is up three percent year-over-year in the U.S.

Quote from Karen Bowman, Deloitte LLP vice chair:

“Although historically high transaction prices are a significant challenge for consumers, a strong desire to reduce refueling costs is driving EV purchase intent around the world.”

And fewer U.S. consumers are aiming to buy a gas-powered vehicle

Internal combustion engine purchase intent dropped to 62% from 68%