What will it take for consumers to embrace the EV market? – Lea Malloy

Growth in the electric vehicle market took a small hit as the pandemic began, but Cox Automotive experts say this is only a minor bump in the road to advancement. Today, we’re pleased to welcome Lea Malloy, head of research and development at Cox Automotive Mobility to share the new EV white paper titled COVID-19 Recovery: Speed Bump or Accelerant for the EV Market?, and the future of the market.

In this segment, Malloy and anchor Jim Fitzpatrick first discuss how COVID-19 has impacted the growth and momentum of the electric vehicle market. Without a doubt, the automotive industry has taken some hits in 2020. However, when analysts look at the big picture, the recovery of the EV market is outpacing the recovery of internal combustion vehicles. In addition, there have been many investments and product launches in the EV space recently.

In the lastest EV white paper, Malloy says the Mobility team walks through the barriers, real or perceived, that consumers might have to EV adoption. These barriers include cost differential and access to charging infrastructure. The paper also addresses the differential between the used EV transaction vs new.

Cox Automotive has done a lot of research on the path to electric vehicle adoption. To address the roadblocks around cost, charging infrastructure, and battery health, Malloy says it will take education, awareness, and exposure for consumers to come on board the EV market.

“It’s all about collaboration, coordination, and standardization is key,” says Malloy. “So, the EV adoption and education is something not one industry player can address alone. It will involve many stakeholders across utilities and OEMs, but we all need to lock arms about our commitment to this space.”

Over the last 10 years, Lea Malloy has held several different positions within the Cox Automotive family of brands including Manheim, Autotrader, and Cox Automotive Mobility. As head of research and development, Malloy is tasked with facilitating EV advancement and consumer adoption.