54% of Gas Vehicle Drivers Ready to Embrace Electric Vehicles, New Study Finds

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Sep 07, 2023, 08:00 ET

U.S. drivers would like to see more options from EV manufacturers, citing vehicle safety, warranty and service, driving technology, and visual design as key concerns when considering their next purchase or lease.

LOS ANGELES, Sept. 7, 2023 /PRNewswire/ -- VinFast, a Vietnamese EV manufacturer that recently began selling its VF 8 electric SUV in California, and The Harris Poll, a global market research firm, today announced the results of a new survey* examining U.S. drivers' beliefs, experiences, and behaviors surrounding electric vehicles. The nationally representative study, commissioned by VinFast and conducted online in July 2023 amongst more than 1,800 American drivers ages 18 and over, found that while about 1 in 10 American drivers (9%) currently drive an electric vehicle today, a staggering 54% of gas-powered vehicle drivers would be interested in making an EV their next purchase or lease.

These findings indicate that U.S. consumer interest in EV vehicles has doubled year-over-year; A survey conducted by AAA in July 2022 reported that 25% of Americans said they would be likely to buy an electric vehicle for their next auto purchase.

Furthermore, this year's survey found that 84% of current EV drivers say they would be interested in once again purchasing or leasing an EV for their next vehicle, suggesting that the majority of new vehicles on the road could be electric within the next purchase cycle if manufacturers address consumers' concerns. Key findings include:

Consumers Welcome New Brands

54% of gas-powered vehicle drivers would be likely to purchase or lease an EV from a new automotive brand if it offered all the features they need.
85% of current EV drivers would be likely to purchase or lease an EV from a new automotive brand if it offered all the features they needed.

Drivers Want More EV Options

Some of the key features drivers say are among the most important to them if purchasing or leasing an EV include affordability (58%), convenient/easy to charge (54%), safety (45%), warranty and service (35%), driving technology (23%), and visual design (16%).
48% of drivers would like to see more availability of seating options from EV manufacturers, followed by more storage (47%), body styles (46%), and colors (17%).

Warranty Length Matters:

74% of drivers believe high-quality vehicles are more likely to come with longer warranties than low-quality vehicles.
76% of drivers say they would be more likely to purchase or lease an EV if it offered an extended or unlimited warranty on the battery.
21% of gas-powered vehicle drivers cite limited car and/or battery warranty as something that has prevented them from purchasing or leasing an EV.

Gas Savings May Outweigh Cost Concerns

54% of gas-powered vehicle drivers say affordability is one reason that has prevented them from purchasing or leasing an EV.
62% of drivers interested in purchasing or leasing an EV would do so to save money on gas.

The Environment is a Strong Motivator

58% of drivers interested in purchasing or leasing an EV are motivated to do so to help the environment.
70% of drivers agree that EVs are important in creating a green future.

Gen-Z and Millennials Are Embracing Electric Vehicles

Younger drivers (ages 18-44) are more likely than older drivers (ages 45+) to say that:

they would be interested in purchasing/leasing an EV for their next vehicle (76% vs. 46%),
safety (59%) tops the list of features that would be among the most important to drivers ages 18-34 if they were planning to purchase/lease an EV, and
having innovative technologies, such as autonomous-driving capabilities is important (67% vs. 45%).

*This survey was conducted online within the United States by The Harris Poll on behalf of Acceleration Community of Companies (ACC) from July 26-28, 2023, among 1,828 drivers ages 18 and older, of whom 146 currently drive an electric vehicle (EV) and 1,587 drive a gas-powered vehicle (and not an EV). Harris Poll online surveys' sampling precision is measured using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.7 percentage points using a 95% confidence level.

About VinFast
VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.

Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.us/.

VinFast Safe Harbor Disclosure

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include VinFast's expectations. Forward-looking statements typically can be identified by the use of words such as "will," "expect," "believe," and similar terms.

While these forward-looking statements represent VinFast's current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially from those contemplated above include, but are not limited to, general economic conditions, hazards customary in the automotive industry, competition in certain markets, the volatility of battery prices, failure of customers to perform under contracts, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our electric vehicle projects.

VinFast undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause VinFast's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect VinFast's future results.

SOURCE VinFast