CHEAP and cheerful does not apply to the new EV market… by long shot. You have to pay big to be green – it’s as simple as that – and many would-be buyers are not interested in moving to an electric vehicle as a result.
Research outfit, Juniper Research, just verified this fact in a survey conducted in the UK and the US which many say can also be extrapolated Down Under.
According to their research, it is unequivocal that the high price of EVs deters over 60 per cent of UK and US potential buyers. The survey, conducted in July 2022, canvassed 1000 potential EV buyers in each country for the data.
The survey has found that 66 per cent of UK respondents and 61 per cent of US respondents are discouraged from adopting electric vehicles due to their high purchase price. It noted that electric vehicles must demonstrate to potential buyers lower running costs compared to traditional vehicles to justify the initial expenditure.
The survey found that only five per cent of UK and US respondents currently own and use an electric vehicle, with Tesla proving the most popular.
It further noted that consumer education is needed to boost market adoption, with the integration of electric fleet vehicles within MaaS (Mobility-as-a-Service) solutions key to improving user familiarity.
Juniper Research’s recent MaaS research found that mobility schemes which determine the best route and price across end-to-end transport services will save consumers $10.5 billion in fuel costs by 2027; boosted by the use of electric vehicles.
Accordingly, it advises MaaS vendors must incorporate electric vehicles to maximise environmental benefits and subsequently, adoption.
The research also found that 48 per cent of UK respondents and 47 per cent of US respondents would be encouraged to use an electric vehicle if the lifespan of vehicle batteries was increased.
Research author Scarlett Woodford remarked: “Vehicle manufacturers must invest in battery technology; focusing on performance improvement and range extension, while decreasing cost. This will facilitate lower production costs, enabling electric vehicles to offer a more competitive value proposition versus internal combustion engine vehicles.”
On the upside, however, and due to several factors including economies of mass production, advancing technology and improving design and engineering, EVs are slowly but surely rising in popularity with a corresponding (small) drop in prices. The advent of Chinese EV brands is driving much of this change.
As more EVs appear on our roads it is expected more people with begin to appreciate their strengths including near silent and smooth running, strong performance and zero tailpipe emissions. Plenty of pure EV (known as Battery Electric Vehicles or BEVs) choices are available in Australia, a figure that redoubles if you include hybrids and plug in hybrids.
BEVs are sold locally by Audi, BMW, Hyundai, Jaguar, Kia, MG, Mini, Polestar and Tesla, with more due in the market over the next 12 months – including the cheaper, Chinese-made BYD Atto 3.
BEV models and pricing* available as of September 2022:
MG ZS EV Excite: $44,490 drive-away
BYD Atto 3: $44,381
BYD Atto 3 Extended Range: $47,381
Hyundai Ioniq Electric: $48,970
Nissan Leaf: $49,990
MG ZS EV Essence: $49,990
Hyundai Kona Electric Elite: $54,500
Mini Electric: $55,650
Hyundai Kona Electric Highlander: $58,000
Nissan Leaf e+: $60,490
Hyundai Kona Electric Extended Range Elite: $60,500
Mini Electric Yours: $62,825
Polestar 2: $63,900
Tesla Model 3 Standard Range Plus: $63,900
Hyundai Kona Electric Extended Range Highlander: $64,000
Kia Niro S Electric: $65,300
Mazda MX-30: $65,490
Kia EV6: $67,990
Polestar 2 Long Range Single Motor: $68,400
Kia Niro Sport: $70,990
Hyundai Ioniq 5 2WD: $71,900
Kia Niro Electric GT Line: $72,100
Tesla Model Y RWD: $72,300
Polestar 2 Long Range Dual Motor: $73,400
Lexus UX300e Luxury: $74,000
Hyundai Ioniq 5 AWD: $75,900
Tesla Model 3 Long Range: $76,200
Mercedes-Benz EQA: $76,800
Volvo XC40 Recharge: $76,990
Lexus UX300e Sports Luxury: $81,000
Tesla Model 3 Performance: $88,900
Tesla Model Y AWD: $96,700
BMW i4: $99,900
BMW iX3: $114,900
Mercedes-Benz EQC: $124,300
BMW i4 M50: $124,900
BMW iX xDrive40: $135,900
Audi e-tron SUV: $137,100
BMW iX xDrive40 Sport: $141,900
Tesla Model S: $147,990
Audi e-tron Sportsback: $148,700
Audi E-Tron Sportback: $150,900
Jaguar I-Pace SE: $151,432
Jaguar I-Pace HSE: $155,550
Tesla Model X: $165,990
Audi E-Tron S: $168,400
BMW iX xDrive50 Sport: $169,900
Porsche Taycan: $174,695
Tesla Model X Plaid: $174,990
Porsche Taycan 4 Cross Turismo: $176,600
BMW iX: $179,333
Audi E-Tron GT: $181,700
Tesla Model S Plaid: $186,990
Porsche Taycan 4S: $194,700
Porsche Taycan 4S Cross Turismo: $205,300
Porsche Taycan Turbo: $276,300
Porsche Taycan Turbo Cross Turismo: $279,000
Porsche Taycan Turbo S: $345,800
*Prices as of September 1, 2022 do not include on road costs apart from MG ZS EV which is drive-away.