Stat: Consumers are concerned about the cost of EVs

While the adoption rate of electric vehicles (EVs) is still relatively low, half of respondents in a new McKinsey & Company study say they would consider buying a battery electric or hybrid vehicle for their next car. However, the study found that cost remains a major concern for consumers, with more than 60% saying that they would not pay a premium for an EV.

McKinsey & Company also explored consumer sentiment towards autonomous vehicles (AVs), finding that 46% of respondents are open to this technology – a figure that jumps to 58% for those living in large cities. The study was based on responses from consumers in the US, Germany and China, which remain significant markets for automotive companies.

With the market for EVs spearheaded by luxury car manufacturers, the study shows there is potential for cost-effective models, especially for urban dwellers. Last month, Danish company Biomega released an affordable EV made with minimal modular components.