The BRIC countries (Brazil, Russia, India and China) are rapidly moving from stars of the emerging market to major players in any market you want to name. With that transition, automobile ownership in these nations is increasing rapidly, but will BRIC become the rising tide that lifts the electric vehicle boat?
Potential owners of automobiles in these countries are flexible when it comes to considering their options. The same Deloitte survey that showed that only a small number of Americans are willing to put up with the limitations of today's electric vehicles also showed that over 85 percent of consumers in Brazil, India and China are willing to consider electric vehicles for their next purchase. Consumers in these markets were also more satisfied with the capabilities of today's batteries and vehicles, and 50 percent considered a range of 100 miles acceptable. Considering the size of each market, electric vehicles could easily find millions of new homes.
However, the price of electric vehicles was much less acceptable to these potential owners. Even with subsidies, high battery prices put EVs out of reach for most of those interested. Without sharp reductions in costs, EVs could find themselves priced out of a large market willing to deal with current limitations.