TrueCar Survey Shows Continued Growth in Consumer Sentiment Toward Electric Vehicles

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Sep 13, 2022, 09:00 ET

Percentage of Consumers Likely to Purchase an EV Surges 7% since March
Gas Prices Among Strongest Drivers Toward EV Consideration
Concerns About Cost to Charge Drop 12%

SANTA MONICA, Calif., Sept. 13, 2022 /PRNewswire/ -- In concert with the opening of the 2022 North American International Auto Show in Detroit, TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, refreshed its national consumer attitude survey from March regarding electric vehicles. The survey uncovered a continued growth in consumer interest and willingness to consider an EV as their next vehicle purchase. Key indicators across the board show consumers are becoming more comfortable with EVs as a viable option, and that while fears regarding charging costs and range anxiety still exist, they are lessening.

"Consumers across the nation are showing a growing acceptance toward considering an EV as their next vehicle purchase," said Mike Darrow, President and CEO of TrueCar. "Since March 2022, the percentage of consumers reporting they would consider an EV as their next purchase grew from 52% to 59%."

August 2022 National Consumer EV Survey Highlights:

Consumers' likelihood to purchase an EV as their next vehicle continues to grow

EV Considerers (percent somewhat or extremely likely) up from 52% to 59%
EV Rejectors (percent somewhat or extremely unlikely) shrunk from 24% to 19%

Despite gas prices leveling off, those prices continue to drive EV consideration

Almost 1/3 (31%) of consumers now say they are much more likely to consider purchasing or leasing an EV due to gas prices, up from 27% in March

More consumers now say they would purchase an EV if it met their range needs, up from 73% to 77%
The proportion of consumers concerned about the cost to charge an EV dropped dramatically, from 54% to 42%

However, not all areas of the country are as robustly leading the charge toward EVs. TrueCar focused in on Detroit-Metro area consumers ahead of the opening of its annual North American International Auto Show which carries a heavy focus on the industry transformation toward EVs.

"Our focus on Detroit area consumers showed a lower percentage of people willing to consider EVs as a next purchase," said Darrow. "This might be attributable to the area's strong ties to the auto industry and its love of performance vehicles or could be an indication that the middle of the country lags behind the coasts in its appetite for EVs."

August 2022 Detroit-Area Consumer EV Survey Highlights:

Detroit residents are significantly less likely to purchase an EV in the future

Only 49% report being likely (somewhat or extremely) to purchase an EV in the future (vs. 59% nationwide)

Part of this reluctance could be up to exposure. Detroit residents have significantly less experience with EVs: two-thirds (66%) have neither owned nor driven one in the past (vs. 57% nationwide)
They are less likely to consider an EV specifically due to the rise in gas prices, perhaps reflecting lower prices in the Detroit metro than in many other areas

23% report being much more likely to purchase an EV due to high gas prices (vs. 31% nationwide)

To help narrow the consumer education gap on purchasing and owning EVs, TrueCar is now providing informational guides for consumers that are searching and buying EVs through its online site www.truecar.com.

About TrueCar

TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry's most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar's marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam's Club, Navy Federal Credit Union and American Express.

For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter. TrueCar media email: [email protected]

SOURCE TrueCar.com