Cost remains a key factor in American EV adoption

Cost remains a key factor in American EV adoption

Americans said they would be much more likely to purchase an EV instead of an ICE vehicle if the cost were the same or less.

More Americans would drive electric vehicles (EVs) if they cost the same as their gas-powered counterparts. That’s according to Hankook Tire’s Gauge Index: EV Edition.

The Gauge Index: EV Edition found that more than half (54%) of Americans said they would be much more likely to purchase an EV instead of a gas-powered vehicle if the cost were the same or less than the gas-powered equivalent. This was especially true for younger drivers (75% of Gen Z and 63% of Millennials). Previous Gauge research found younger generations are the most interested in purchasing EVs.

Longevity is another factor, according to Hankook. One in four Americans (25%) said their purchase consideration for an EV vehicle would increase if the life of an EV lasted longer than a gas-powered vehicle. Another quarter (24%) said they would do so if the charge range were higher.

The survey also found:

  • Battery, maintenance, and energy costs are top of mind;
  • Home is where the charge is: Potential EV drivers overwhelmingly say they would want to have access to a charger at their home (47%);
  • Test drives still matter: One in five (19%) say they are most likely to be encouraged to purchase an EV by experiencing a test drive at a dealership.

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