US Consumers Still Prefer Internal Combustion Engine Cars... Biggest Complaint Is Electric Vehicle Charging Time

KPMG Survey of 1,100 Local Consumers
60% Respondents Say "EV Charging Should Be Within 20 Minutes"

As global demand for electric vehicles slows, automakers continue to cut prices and reduce investments, while a survey reveals that American consumers still prefer internal combustion engine vehicles over electric cars.

According to foreign media on the 9th, consulting firm KPMG recently conducted a survey on electric vehicle preferences among 1,100 American consumers and found that only 20% responded that they would purchase an electric vehicle if it had the same price and performance. This indicates that preference for internal combustion engine vehicles or hybrid cars remains high.

A significant gap was observed between consumers and electric vehicle companies regarding charging time. Currently, fast chargers take an average of 30 minutes to 1 hour, but 60% of respondents said that a charging time within 20 minutes is desirable. Only 41% of consumers said they could accept charging times longer than 20 minutes.

Electric vehicle charging. Photo by Hyunmin Kim kimhyun81@

KPMG reported that very few consumers were willing to pay extra for software or infotainment features instead of safety and charging functions.

As preference for electric vehicles decreases, the amount consumers are willing to pay for electric vehicle purchases is also declining. According to statistics from market research firm Experian cited by automotive magazine Automotive News, in the first quarter of this year, luxury internal combustion engine vehicle buyers paid an average of $1,081 per month for car loans, while electric vehicle buyers paid $787.

At the initial launch of electric vehicles, loan amounts were similar to those for luxury internal combustion engine vehicles due to higher prices than regular internal combustion engine cars, but as electric vehicle prices continue to fall, the loan gap has widened by about $100 compared to a year ago.

Satyan Merchant, senior vice president of U.S. credit analysis firm TransUnion, said, "The first phase where early adopters paid a premium for electric vehicles has passed. Now, companies are lowering prices in the second phase, and whether to enter the electric vehicle market depends on consumer choice."