Automakers must reconcile EV ownership with affordability

Electrification is making the entry-point for ownership more expensive, and OEMs must ensure customers are getting their money’s worth. By Will Girling

In May 2022, EY’s Mobility Consumer Index survey—featuring data from 13,000 people across 18 markets—found that 52% wanted to purchase an electric vehicle (EV). This was the first year that EVs secured majority favour in the Index as an aspirational purchase.

Sentiment has likely been shaped by a number of factors: EVs are a more environmentally sustainable option; a growing number of territories are setting sales limits on new internal combustion engine (ICE) vehicles; and ongoing legislation changes are improving EVs’ long-term prospects, to the concurrent detriment of ICE.

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