💥 Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

Americans still prefer gas vehicles over hybrid or EVs, study shows

Published 05/30/2024, 04:49 PM
Updated 05/30/2024, 04:51 PM
© Reuters. FILE PHOTO: A view of cars on the road during rush hour traffic jam in San Francisco, California, U.S. August 24, 2022. REUTERS/Carlos Barria//File Photo
GM
-
F
-

(Reuters) - Americans still prefer to buy a standard gas vehicle over a hybrid or an electric vehicle even with the same price and features, a KPMG study said on Thursday.

Only one-fifth of people surveyed said they would purchase an EV over a gas-powered vehicle or hybrid vehicle.

The show of preference comes amid a global slowdown in demand for electric vehicles, resulting in global automakers such as Ford (NYSE:F), General Motors (NYSE:GM) and Mercedes rethinking their EV plans.

The study shows a gap in expectations between U.S. consumers and auto industry executives for EV charging times during road trips.

Sixty percent of U.S. consumers want charging in 20 minutes or less compared with 41% who are willing to wait longer according to auto executives, the study said.

© Reuters. FILE PHOTO: A view of cars on the road during rush hour traffic jam in San Francisco, California, U.S. August 24, 2022. REUTERS/Carlos Barria//File Photo

The study also found fewer consumers are likely to pay for self-driving features and entertainment as compared to safety, Wifi and charging locator.

KPMG's American Perspectives Survey includes auto insights as part of a broader KPMG cross-industry survey of 1,100 U.S. adults nationwide on the economy and changing consumer preferences.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.