Study: Only one of today's EVs offers what buyers say they want

Automakers seem to be trying to outdo each other with flashy tech and designs in new EVs, but all that posturing might not resonate with the next wave of buyers. A new study from Boston Consulting Group (BCG) found that only one of today’s EVs hits all the marks that people want for range, price, and charging times.

BCG noted the Hyundai Ioniq 6 offers the right mix of those factors, though the Tesla Model 3 wasn’t far off in the rankings. The study found that buyers want 20-minute charge times, 350 miles of range, a price of $50,000, and a less-than-30-minute total stop time to charge. Cars like the Chevrolet Bolt EV and Bolt EUV come with a compelling price but fall short on range. Others, like the Tesla Model X Long Range, come closer to consumers’ stated desires, except for the price, which far exceeds their $50,000 price target.

EV sales have been buoyed by early adopters, who are more forgiving of challenges with range and charging. The next wave of buyers will be more traditional shoppers who want the security of a legacy auto brand and are more sensitive to price and reliability issues. BCG said they are also less likely to be wooed by fancy tech and EV-only features like frunks. Automakers have struggled to make their EV businesses profitable, but BCG noted that future electric models will need to come with a more reasonable price to attract buyers.

The firm identified the need for low-cost EV platforms and three-row SUVs, and said that companies will need to continue making strides with more efficient batteries and motors, more advanced electrical architectures, and manufacturing processes to remain competitive. The good news for automakers is that they appear to have the tools necessary to make those improvements, but meeting next-generation demand levels is going to take some work.