Survey of 8,000 US Electric Vehicle Owners
Tax Credits and Incentives Are Main Purchase Drivers
If U.S. President Donald Trump realizes the abolition of the electric vehicle tax credit, Hyundai Motor and Kia are expected to be the least affected among related brands, according to a survey.
According to a survey conducted by U.S. market research firm JD Power on 8,000 electric vehicle owners in the United States on the 2nd, 87% of electric vehicles purchased or leased in the U.S. this year received tax credits, and buyers were able to save an average of $5,124 due to this system.
Under the Inflation Reduction Act (IRA) enacted by the Joe Biden administration, consumers who purchase electric vehicles that meet key mineral and battery component requirements among vehicles finally assembled in North America can receive a tax credit of up to $7,500.
In particular, 64% of consumers who purchased premium brand electric vehicles, including Tesla, responded that these tax credits and incentives were the main reason for deciding to purchase an electric vehicle. When asked about the reason for purchasing an electric vehicle, 36% cited price.
Among owners of mass-market brand electric vehicles, 49% also said that tax credits and incentives were a major reason for purchasing the vehicle, higher than the 39% who cited price as the reason. This is interpreted to mean that tax credits play an important role in consumers' decisions to purchase electric vehicles.
JD Power also investigated how much the electric vehicle tax credit influenced purchases by brand. The proportion of Hyundai Motor and Kia electric vehicle owners who selected the tax credit as a major reason for purchase was 32% and 24%, respectively. In contrast, Volkswagen was 81%, Chevrolet and Tesla were 77% and 72%, respectively.
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