The electric vehicle segment has undeniably reshaped the way the automotive industry and its consumers think about mobility. However, while the technology is exciting, dealers are facing considerable headwinds in the emerging EV market, underscoring the need for data and strategy.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Jessica Stafford, senior vice president of consumer solutions at Cox Automotive. Stafford is a seasoned business leader in the retail automotive space, launching successful marketing campaigns and conducting extensive research into the needs of car buyers. Throughout her career, she has offered indispensable support to dealers by developing data-driven solutions and strategies that drive sales and improve customer retention. Now, she discusses the electric vehicle segment and what dealers should expect to see in the coming years.
1. Consumers are excited to purchase battery-powered cars, but sales paint a more complex picture for the electric vehicle segment.
2. Just over half (51%) of all U.S. car buyers are considering the purchase of an electric vehicle, substantially higher than the 38% seen in 2021.
3. Luxury automakers have the best chance at dethroning Tesla from its position at the head of the EV market.
4. Truck shoppers showed more interest in purchasing an electric pickup from legacy brands (General Motors, Ford) than industry newcomers (Rivian, Tesla).
5. The top four issues preventing the electric vehicle segment from maturing are as follows: high prices, lack of charging infrastructure, battery replacement costs and confusing tax incentives.
"We know that EVs have started to get a little less expensive, and that will continue over time. That's everything from the technology and the innovation evolving as well as just the supply and demand." — Jessica Stafford