Automakers must reconcile EV ownership with affordability

In May 2022, EY’s Mobility Consumer Index survey—featuring data from 13,000 people across 18 markets—found that 52% wanted to purchase an electric vehicle (EV). This was the first year that EVs secured majority favour in the Index as an aspirational purchase.

Sentiment has likely been shaped by a number of factors: EVs are a more environmentally sustainable option; a growing number of territories are setting sales limits on new internal combustion engine (ICE) vehicles; and ongoing legislation changes are improving EVs’ long-term prospects, to the concurrent detriment of ICE.