EVs Close To Gas Cars On Cost, But There Are Other Obstacles: JD Power

EVs continue to grab market share from gas cars, but the transition isn't as quick as it could be for many reasons.

Ford F-150 Lightning at Electrify America fast charging station

Steven Loveday

By: Steven Loveday

Dec 20, 2022 at 9:05am ET

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JD Power notes that we are finally at a point the electric cars mirror their gas-powered cousins when it comes to the cost of ownership. EVs are cheaper to own, but they tend to cost more upfront. While this is a big step forward for EV adoption, the publication says there are still some other categories that need to be addressed.

According to Automotive News, JD Power's EV Index points out four of six categories that are holding back EV adoption. Moreover, it seems there's still a long way to go before a few of those categories are successfully addressed. The index suggests that while automakers are pumping time and money into the transition from gas cars to EVs, it will likely be a very long time before the two become equals. JD Power's vice president of EV practice Elizabeth Krear shared with Automotive News:

"The EV marketplace is new, complex and dynamic, and most importantly, there are interdependencies that affect true adoption during the transition from ICE to EV. Having the ability to keep a pulse on all these interdependencies is critical."

People who buy an EV don't often return to a gas car. They also learn quickly that the electric car saves them money, and it's easy to sell, holding its value quite well. However, they also learn that there's a lack of public charging infrastructure, and much of it doesn't work on a regular basis. Interestingly, while it seems EV adoption is increasing, JD Power's data shows it declining. This is because even though more people may want an electric car, this doesn't mean it's easy to get one.

JD Power's new EV Index looks at the progress of the transition from ICE powertrains the electric powertrains via millions of related data points. The publication will be tracking the data sets and updating the index on a monthly basis going forward. It pits EVs against gas cars in six categories: interest, availability, adoption, affordability, infrastructure, and experience.

On the 100-point scale, the highest scores suggest that EVs have reached parity with their fossil-fuel friends. As you can see Affordability and Experience are positives. When the new US federal EV tax credit kicks in, it should help even further. Moreover, as more compelling EVs come to market, the Experience category should also continue to improve. However, it appears that many people simply aren't interested, the cars aren't readily available, and/or the infrastructure is a concern.