EVs near gas vehicles on cost, but much more to overcome

According to JD Power, the new study, updated and released monthly, examines millions of data points across 26 data sets to track the progress of the EV shift.

It measures EVs against their internal combustion counterparts on a scale of 0 to 100 in six categories: interest, availability, adoption, affordability, infrastructure, and experience.

A score of 100 means that EVs are on par with gasoline vehicles. The topline score, averaging the results for each category, was 47 in October, representing the first complete data set. When the index is launched in January, it will reflect November data.

In October, Owner Experience scored the highest with 89 points, followed by Affordability with 86 points. But in no other category did he score above 30.

JD Power says EVs are roughly on par with comparable gasoline offerings, with some models being cheaper, when considering the five-year total cost of ownership. EVs have a higher set price, but electricity is generally much cheaper than gasoline and has a higher residual value. JD Power predicts that EVs should approach parity over the next few years as federal tax credits become available.

EVs also scored highly for customer experience, with Mercedes-Benz EQS and Tesla Model Y topping the premium segment and Kia EV6 ranking first among mass market brands.

“Owning an EV, customers fall in love with how quiet it is, how smooth the ride is, and how off-the-line the torque is,” said Krear. However, range limitations remain a customer complaint.

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