Tag: electric vehicles

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EFG Companies

Adding a Spark to EV Sales

The latest Gallup report sheds light on the current state of the electric vehicle (EV) market. Currently, only 16 percent of Americans are engaged with the EV market, either as owners or potential buyers, a figure that has remained stable over the past two years. This small number has prompted some automakers to scale back their EV investments while dealers struggle with moving units off their lots.

There has been slight momentum in 2024. According to Kelley Blue Book, nearly 269,000 electric vehicles were sold in the U.S. in the first quarter, a 2.6 percent increase from the same period last year, but a 7.3 decrease from the final quarter of 2023.

What’s behind this lackluster adoption? Industry analysts agree on three specific roadblocks: price, infrastructure concerns, and range anxiety. According to the Kelley Blue Book Report, EV ownership is currently skewed towards upper-income Americans with 14 percent owning an EV and 61 percent of lower-income respondents expressing disinterest in EVs.

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Electric Vehicles Industry Trends

Finding Value In The Electrified Infrastructure

According to analyst firm BloombergNEF,  just over half of the passenger cars sold in the US will be electric vehicles by 2030. This growth is spurred by actions taken by the White House and Congress through the newly enacted infrastructure law. Legislative steps in California to adopt clean air standards will likely be supported by several additional states within the next five years. And finally, every major automotive manufacturer in the US have announced plans to accelerate production of battery electric vehicles (BEV), with many planning to eliminate the sale of internal combustion engine vehicles by 2050.

Clearly, BEVs are coming and more quickly than anticipated. Many dealers already have a smattering of these vehicles on their lots or are taking orders through their digital platforms. But, preparing to broadly support these new vehicles requires more than simply installing a charging station and creating some sales tools. Understanding the complete BEV infrastructure, means taking a deep dive into its impact on the physical lot, the service department and overhead expense.

Rather than being overwhelmed by the breadth and depth of these changes, savvy dealers will find the opportunities to derive more value – and revenue – by taking a strategic approach to implementing a BEV infrastructure. Upgrading the dealership in a planned, deliberate manner will deliver a competitive edge and a satisfied customer. Let’s break down the opportunities to generate revenue through purposeful infrastructure improvements.

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EFG Companies Electric Vehicles

The Infrastructure of Electric Vehicle Sales

Electric vehicles are a hot topic these days – for consumers and automotive dealers alike. However, not all electric vehicles are alike. Like any new product, consumers can be confused and overwhelmed. A dealer’s success in selling any type of electric vehicle requires your staff to be knowledgeable on the product details and trained to guide the customer through the buying decision process.

Electric vehicles on the road today

Battery Electric Vehicles (BEVs)

BEVs—also referred to as “all-electric vehicles”—run on electricity only and are recharged from an external power source. They are propelled by one or more electric motor powered by rechargeable battery packs.

Plug-In Hybrid Electric Vehicles (PHEVs)

PHEVs also use batteries to power an electric motor and can be recharged from an external power source, but they incorporate a smaller internal combustion engine that can recharge the battery (or in some models, directly power the wheels) to allow for longer driving ranges. When electricity is unavailable, PHEVs can run on gasoline alone.

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