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CarGurus Study Finds Consumer Openness to Electric Vehicles has Doubled Since 2018
Tesla once again atop most trusted EV brand; but most shoppers open to others CAMBRIDGE, Mass., April 14, 2021 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), a
About this update from Cargurus, Inc.
[{"type":"text","content":"Tesla once again atop most trusted EV brand; but most shoppers open to others\nCAMBRIDGE, Mass., April 14, 2021 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced its latest consumer sentiment research focused on electric vehicles (EVs). The CarGurus Electric Vehicle Sentiment Survey analyzed consumer feedback on an array of EV-related topics, including the future ownership, how gas prices would impact EV consideration, opinions of EV brands and vehicles, and overall purchase preferences. When asked how likely they were to own an electric vehicle within the next five years, 30% of respondents noted that they were probably or definitely going to do so – a number that has doubled since 2018. Even though EV interest has surged over the past few years, there are still many consumers who would not yet consider owning one. In the study, 65% of respondents noted that more charging stations in their area would be effective in convincing them to buy an EV, followed closely by the ability to find replacement parts and batteries (62%). In previous years, Tesla has earned top status as the most trusted company to make electric vehicles and that trend continued with 36% of respondents in this most recent study putting their faith in the company to develop EVs. However, their leading status is vulnerable with almost 80% of those planning to buy EVs agreeing they’re open to several brands. Tesla’s lead is tight when looking at those shoppers that plan on owning an electric vehicle in the next 10 years. While 57% percent are likely to consider purchasing from Tesla, Toyota (52%) and Honda (45%) are closing in on Tesla’s lead. However, when comparing recently launched models, Tesla’s Cybertruck has an early advantage in consumer consideration when compared to Ford’s F-150 EV and Hummer’s EV, with 31% of total respondents considering it as a vehicle compared with 28% and 16%, respectively. “The latest CarGurus Electric Vehicle Sentiment Survey shows that there is a rapid mainstreaming around the consideration for electric vehicles, and based on our data this demand should translate to vehicle sales as the infrastructure becomes more widely available,” said Madison Gross, Director of Customer Insights at CarGurus. “Even though Tesla currently holds a leadership position for reputation and p...