The automotive industry and public sector continue to invest in electric vehicles (EVs), redefining the future of personal transportation. As the shift toward electric mobility sales growth rate gains momentum (but not mass adoption, yet) a critical question has emerged: How do consumers value EVs against internal combustion engine (ICE) vehicles, and how can we actually achieve price parity?
It’s not an easy question to answer, mostly because we, as consumers, have decades of experience understanding the value of ICE vehicles compared with only a handful of years for EVs. The challenge first lies in understanding how the total lifecycle cost of ownership of EVs stacks up to ICE vehicles, especially given that each consumer values different things. While most consumers value the initial purchase price of a vehicle above all else, that’s only one element in achieving full parity.
