Interest in Electric Vehicles Remains High Despite Production Slowdown

Five new models priced under $50,000 expected to launch this year, potentially broadening the market.

Despite a slowdown in production from major automakers, interest in electric vehicles (EVs) remains high, with half of US consumers considering an EV or hybrid for their next purchase.
Five new EV models expected to launch this year will be priced under $50,000, potentially making them more accessible to a broader demographic.
Current EV owners have a maximum budget of $59,000 for their next vehicle, while those considering an EV have a budget of $50,000, and hybrid shoppers have a budget of $40,000.
Charging infrastructure, battery performance, and lower-cost vehicles are key factors that could drive further growth in the EV market.
Despite the higher cost, consumers are willing to pay a premium for EVs and hybrids if they meet their needs, with EV considerers willing to pay $7,650 more on average for an EV than a gas-powered car with similar features.