Cars.com: EV searches have nearly doubled since 2020

Cars.com: EV searches have nearly doubled since 2020

Work-from-anywhere culture, inventory shortages and expanding technology both in the car-buying process and the cars themselves — these are the forces defining the automotive landscape for 2022, according to Cars.com. Despite a double-digit increase in overall prices and a narrowing market value gap between new and used cars, consumers are using what leverage they have to get the car they want, the way they want it.

Roughly two-thirds (66%) of Americans surveyed indicated they were more likely to buy an EV after the Biden Administration last year announced plans to support nationwide EV infrastructure and proposed financial incentives to accelerate the country’s move toward EVs. While sales of EVs are growing at a slower rate, interest continues to rise. Searches for EVs on Cars.com have almost doubled since 2020 with markets such as San Francisco; Los Angeles; Sacramento, Calif.; Seattle and Denver leading the charge.

In addition, Cars.com says consumers haven’t shied away from vehicle purchases even as prices rose and availability declined last year. In fact, more than 60% of consumers stated the inventory shortage and price increases haven’t changed their purchase timelines, the company says. In 2021, total auto sales came in at 14.9 million vehicles, according to the U.S. Bureau of Economic Analysis. Still, some consumers with ongoing concerns about the pandemic and vehicle shortages decided to delay their purchase over the past two years, creating strong, pent-up demand for vehicles this year — a good thing for the auto market.

You May Also Like

GM invests in Niron Magnetics for EV motor magnets

GM will co-develop sustainable magnets with Niron Magnetics using iron nitride for potential use in future GM EV motors.

Niron Magnetics Investment

General Motors (GM) has entered a strategic partnership and investment in Niron Magnetics, a company that has developed a sustainable magnet material free of rare earth minerals for use in electric vehicle (EV) motors. The technology aims to reduce the cost and environmental impact of materials currently used in EV motor magnets, GM said.

Daimler Truck North America partners with Hexagon Purus

Hexagon Purus’ zero-emission technology will be integrated into a battery electric vocational Freightliner eM2.

DTNA-partnership-1400
Loblaw adopts Volvo VNR electric trucks for grocery transport

The largest food/pharmacy retailer in Canada has selected Volvo’s VNR Electric for grocery delivery in Montreal.

Volvo-electric-truck-1400
Is deep-sea mining really needed for EV batteries?

The Blue Climate Initiative said next-gen batteries, now a third of the global EV market, reduce reliance on seabed metals.

Deep-Sea-Mining-1400
asTech expands remote OEM solutions to include Tesla

asTech’s diagnostic devices now offer over 99% coverage for authentic remote OEM scans on Tesla vehicles.

Tesla-Model-Y-1400

Other Posts

NACFE tests electric truck performance across depot operations

The event, called Run on Less Electric – DEPOT, tracked 22 battery-electric trucks across 10 depots from September 11-29.

Mitchell releases latest EV collision trends report

Mitchell’s report revealed EV total loss rates and intricacies in collision repair costs compared to ICE vehicles.

Tesla-Model-3-Power_1400
Volvo’s EV sales comprise 18% of total volume

Volvo reported a 14-month-straight sales increase fueled by strong EV demand.

Volvo-EV-cars-sales-1400
NREL forecasts 80% drop in U.S. transport emissions by 2050

NREL’s study highlights rapid adoption of zero-emission vehicles as crucial for an 80% emissions reduction.

EPA-Emissions-Standards-1400