Though growth of electric vehicles has been slower than automakers expected not too long ago, there are signs that it’s coming along.
The latest telltale indicator is growth of nonluxury EV sales, which rose from about 23% in last year’s second quarter to 27% this year, while luxury models’ share fell by about the same, according to Experian data.
It attributes the increase to automakers’ launch of more EV models.
The mass-market segment has so far been elusive for automakers due to EVs’ generally higher prices, but the availability of more lower-priced models could be a turning point toward mass adoption.
“With the EV clientele continuing to grow, there is an increased desire for functionality and affordability, something automotive professionals should keep in mind as they find ways to reach their respective audience,” said Experian Director of Product Marketing for Automotive Kirsten Von Busch.
"Chevrolet calls its electric Equinox SUV an "affordable game-changer" with a base LT version to have a starting manufacturer's suggested retail price of $35,000 for the 2025 model year.
“We are at a turning point where EVs will be the mainstream choice for the next generation of customers and Equinox EV will lead this charge for us,” said General Motors CEO Mary Barra in a press release on the Equinox’s new model year.
In another positive sign for EVs, Experian said most EV owners – 77% – replace theirs with new electric models. But they also tend to also own a gas-powered vehicle – 81% as of the second quarter.
“It’s possible that many are keeping a secondary vehicle to have the convenience of everyday driving while reserving the traditional fuel type for longer trips,” Von Busch said.
