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

BorgWarner acquires Hubei SSE charging business

SSE’s electrification capabilities in China are expected to complement BorgWarner in Europe and North America.

BorgWarner-Santroll-eMotor-Handshake-1400

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).

Qnovo, NXP partner on EV battery performance, range

Qnovo is working to integrate its software with the NXP battery management system, leading to reduced EV development costs.

Qnovo-Vanderhall-Brawley-CES-2023-1400
Bank of America to offer financing for residential EV chargers

Demand for the charging units is expected to grow in the U.S. to nearly 27.5 million by 2030, up from 1.3 million in 2021.

Bank-of-America-Residential-EV-Charging-1400
LG Energy Solution, Honda break ground on EV Battery Plant

The companies have committed $3.5 billion in the facility, with their overall investment projected to reach $4.4 billion.

Honda-JV-Battery-Plant-Ohio-1400
StoreDot opens California research facility

StoreDot is expanding with the official opening of its first U.S. research facility in Irvine, California.

StoreDot-100in5-battery-samples-1400

Other Posts

Emotion is among the biggest motivators for EV buyers

Connecting with consumers’ emotions and personality is more likely to ignite interest in battery electric vehicles.

Emotion-EV-Buying-1400
Hydrogen passenger vehicle sales slowly gaining traction

The U.S. hasn’t made much progress implementing this technology, but hydrogen deployment is accelerating in Europe and Asia.

Hydrogen-Passenger-Vehicle-1400
Auto Care Association needs Sustainability Committee members

Committee members will advise on emerging trends and provide direction on enhancing the association’s sustainability efforts.

Auto-Care-Association-Sustainabililty-Council-1400
California welcomes Tesla global engineering HQ

California Governor Gavin Newsom’s office claims the state is home to 55 ZEV-related manufacturing companies.

Tesla-California-Musk-Newsom-1400