More than half of US buyers will have viable EV options by end of 2023, claims JD Power

For many years, electric vehicles were a left-wing choice, and the cars themselves were grouped together by their power source and seen as a distinct category quite separate from ICE-powered vehicles.

But not anymore. By the end of this year, electric cars will be available from so many brands and in so many sectors of the market that more than half of Americans looking to buy a new car will have a viable electric option available to them, and that could rise to 75 percent before the 2026 battery runs out.

That’s the view of JD Power, who told Automotive News that design similarities between electric and internal combustion engine vehicles helped open up the market to more buyers. While many early electric cars, such as the original Nissan Leaf and BMW i3, appealed to drivers who wanted to stand out and perhaps show off their green credentials, the unconventional styling was a turnoff for others as well.

And EVs are no longer limited to a handful of brands. Compared to a decade ago, or even five years ago, electric drivetrain availability has exploded, meaning drivers who have been loyal to a brand for generations are more likely to switch to electric drive without switching brands. need to exchange.

Related: The shocking cost of battery replacements on popular EV models

 

 

 

But JD Power says the other big factor making electric cars a viable option for so many more drivers is a fall in the price of electric cars. JD’s data shows that three months ago drivers were willing to pay a 31 percent premium to choose an electric car over an internal combustion engine vehicle, but that’s now down to 24 percent.

Telsa slashed its EV prices and Ford cut thousands off the price of its Mustang Mach-E early this year, and the cost of some EVs has been further pushed down by both government incentives and the Inflation Reduction Act of the United States. Biden Administration, offering tax credits of up to $7,500.

But just because those buyers can go electric doesn’t mean they will. JD 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 opt for an all-electric car.