"The real test of the U.S. electric vehicle market has begun. Without the $7,500 federal tax credit to lean on, automakers now have to sell EVs on merit and price, while somehow carving out a path to profitability. That doesn't mean sales are about to collapse. A new poll shows Americans are still open to EVs if discounts are available. The good news: Carmakers are already stepping up with price cuts and incentives."
"Even Ford CEO Jim Farley has estimated that the EV market will be significantly smaller, possibly accounting for only about 5% of the overall car market, compared to 11% in the third quarter. But a new Harris Poll published by Automotive News suggests Americans aren't ready to give up on EVs just yet. The vast majority of the 2,000+ respondents surveyed in late September said they'd still consider an EV if the price was right."
The U.S. electric vehicle market now faces a test as the $7,500 federal tax credit has expired, forcing automakers to sell EVs on merit and price while pursuing profitability. Analysts project EV sales may decline, and Ford CEO Jim Farley estimated market share could fall to about 5%, down from 11% in the third quarter. A Harris Poll of over 2,000 respondents found most Americans would still consider an EV if prices or incentives were right. Sixty percent of potential defectors need at least $5,000 in incentives, nearly 30 percent need $2,500–$4,999, and affordability remains the top concern for buyers.
Read at insideevs.com
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