Recent Study Finds Buyers More Likely to Purchase EV from Traditional Brands

Friday, August 05, 2022 10:00 AM | Anonymous member (Administrator)

A new report shows new car shoppers are more likely to purchase an electric vehicle (EV) from a traditional, legacy automaker than from an upstart EV specialist manufacturer—including Tesla.

More than one-third (35%) of the survey’s respondents favor purchasing from a well-established automaker, while just fewer than one-quarter (24%) indicate they’d likely look to an EV start-up to purchase their first electric vehicle. A further 41% of the study’s participants are undecided, highlighting the stakes at play for familiar brands and start-ups seeking to capitalize on rising waves of EV interest among consumers and win over future EV buyers.

Those are the latest findings of the new Brand DeepDive report from EVForward™, the largest, most comprehensive study of the next generation of electric vehicle buyers. The dedicated platform was developed in 2019 by Escalent, a top human behavior and analytics advisory firm with extensive experience counseling the world’s automotive companies.

“While brands such as Tesla and Rivian continue to make headlines as the fresh entrants into an industry dominated by decades-old multinational corporations, many consumers have taken notice of the strides familiar auto brands have been taking to market—and improve—their electrified offerings,” said KC Boyce, vice president with the Automotive & Mobility and Energy practices at Escalent. “The idea that a new player to the automotive market will remain the leader as more and more established brands expand their EV offerings is far from a certainty.”

For more information, read the full report here:

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