SANTA MONICA, CA — March 26, 2024 — A new Edmunds survey highlights a disconnect between consumer expectations and the realities of the electric vehicle market, posing challenges for widespread adoption. Nearly half of EV shoppers want new vehicles priced under $40,000, but the average EV transaction price in 2023 was $61,702, with few affordable options available. While SUVs and cars are the most desired EV body styles, the market is oversaturated with electric trucks, which appeal to only a small fraction of buyers. Trusted brands like Toyota and Honda, which rank high in consumer trust for EVs, currently lack substantial EV offerings, further complicating adoption. Though most EVs meet or exceed desired range expectations, knowledge gaps about realistic capabilities and concerns over charging infrastructure continue to hinder mainstream acceptance.

Read more about the gap in consumers' expectations of EVs vs. market realities here.

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