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Tesla Might've Lost an Important Market Segment, New J.D. Power Study Shows

J.D. Power has released its annual U.S. Electric Vehicle Consideration (EVC) Study, showing that Americans changed their attitude toward electric vehicles. Compared to last year’s study, more Americans said they are “very likely” to buy an EV as their next vehicle.
Tesla might’ve lost an important market segment by delaying the Cybertruck 6 photos
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Skeptics say you can find reputable studies to prove anything and then find other studies showing that precisely the opposite is true. One day you read that coffee is bad for your health, and then the next, there’s a study to show its benefits. And to make the matter worse, both of them are true most of the time. Then what to believe?

While this seems confusing, there’s another way to look at the studies. When you compare similar studies over time, you can find trends. For instance, J.D. Power’s annual Electric Vehicle Consideration (EVC) Study shows what people think of EVs. If you look at this year’s results, you see that 76% of people surveyed don’t even consider buying an electric vehicle. But when you compare this year’s results with the ones before, there is a different picture.

Only 24% of respondents said they are “very likely” to buy an electric car as their next ride. But a year before, they were only 20%, and this increase shows electric vehicles have become, slowly but surely, worth considering. According to the J.D. Power study, the most significant factor contributing to this change of heart is the new electric pickup truck models entering the market.

The addition of new EV models has moved the needle on consumer consideration,” J.D. Power’s Senior Director of Automotive Retail, Stewart Stropp, said. “In fact, several new models from perennial mass-market brands are at the top of that consideration list.”

The fact that electric pickup trucks produced such a change in the market and the consumers’ preference for the traditional car brands might indicate that Tesla is in for a nasty surprise. Indeed, depending on how fast Ford and GM will ramp up production of their electric trucks, the arrival of the Cybertruck might be too little, too late.

Another key takeaway from J.D. Power’s study is personal wealth’s role when people choose their next vehicle. People who own their homes are more likely to buy an EV, with 27% saying they are “very likely.” Surprisingly, people who drive more frequently than others were also more likely to consider an EV. This finding goes against the perception that electric vehicles are not suitable for longer journeys.

 
 
 
 
 

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