J.D. Power Valuation Services Shares How to Supercharge the EV Marketplace
The electric vehicle market share is expected to shift from 2% in 2020 to 9% in 2025. With the forecast changing rapidly, how can automakers and dealers move skeptical consumers from consideration to purchase? In the latest “Golden Age of Used Vehicles Podcast” episode, J.D. Power experts dive into the consumer consideration barriers and the solutions automakers and dealers can implement to streamline electric vehicle sales.
Jonathan Banks, Vice President and General Manager of J.D. Power Valuation Services; Eric Lyman, Vice President of ALG; and Stewart Stropp, Senior Director of Automotive Retail; join Jack Nerad, automotive author, journalist, radio host, North American Car of the Year Vice President and Motor Press Guild President in the series’ second episode, “The EV Future and How We Get There.”
“Clearly, there is a lot of optimism and hope that the electric vehicle market is going to skyrocket quickly. When you look at some of the regulations in other parts of the world, especially Europe and China, we see a huge acceleration from a global level, which, of course, will help drive the level of production and availability in the U.S.” – Jonathan Banks, Vice President and General Manager of J.D. Power Valuation Services
“We can see … Asian and Hispanic/Latino segments of the car shopper population that their likelihood to consider EVs is actually about double their likelihood to reject. That’s very different than what we see among the larger White or Caucasian mix, which overall at this point actually leans more toward gas engine vehicles – Stewart Stropp, Senior Director of Automotive Retail at J.D. Power
“We have to evolve from the mindset and expectations we have from those 100 years of gasoline vehicle ownership and the infrastructure that supports that. It’s all about informing the public about what they can reasonably expect, and happily live with, in terms of the EV ownership experience.” – Eric Lyman, Vice President of ALG, a division of J.D. Power