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CarGurus Study Finds Over Half of Canadian Car Owners Plan to Invest in Electric Vehicles in the Next Ten Years
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, opinions of EV brands and vehicle styles, and overall purchase preferences. When asked how likely they were to own an electric vehicle, 32% of respondents noted that they were probably or definitely going to do so within the next five years, with this number increasing to 54% within the next ten years. There are still many consumers that would not yet consider owning one, though. In the study, 64% 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 and if the long-term fuel & maintenance savings outweigh EV’s higher initial asking prices (60% each). In previous years in the United States, Tesla has earned top status as the most trusted company to make electric vehicles and that trend held true in Canada with 33% of respondents putting their faith in the company to develop EVs. However, their leading status is vulnerable with 80% of those planning to buy EVs agreeing they’re open to several brands. Tesla also has the upper hand when looking at those shoppers that plan on owning an electric vehicle in the next 10 years. 53% percent are likely to consider purchasing from Tesla, with Toyota (40%), Honda (25%), and Ford (25%) following as the next most popular options. 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 33% of total respondents considering it compared with 30% and 20%, respectively. “The latest CarGurus Electric Vehicle Sentiment Survey shows that there is a rapid mainstreaming around the consideration for electric vehicles in Canada, 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 ho...