Author: Johan Moreno

Is Public EV Charging Infrastructure Making Progress?

E-Vision Intelligence Report
December 2024

Key Findings

• Customer Satisfaction with Public Charging Declines in Third Quarter: Customer satisfaction with public DC Fast Charging (DCFC) and public Level 2 charging networks fell sharply in the third quarter of 2024, logging the largest quarterly decline in customer satisfaction since the third quarter of 2021. 
• Tesla Supercharger Network Strains Under Weight of Non-Tesla Users: Tesla’s proprietary charging (Supercharger) network has consistently been the largest and most reliable fast charging network in the country. Starting in 2024, more than a dozen major EV manufacturers adopted Tesla’s North American Charging Standard (NACS), allowing non-Tesla vehicles to use the Supercharger network, which has caused an overall decline in customer satisfaction with the Tesla network. The declines are most pronounced among non-Tesla users.
• Location, Location, Location: Among the biggest drivers of low customer satisfaction scores are lack of things to do at the charging station and ease of charging. Overall reliability and customer experience with public charging varies widely by provider, with the top-performing brands delivering 90% or higher charging success rates, where nearly all station visitors can successfully charge their vehicle. However, the lowest-performing provider sees visitors successfully charging just 58% of the time. 

Executive Summary

Whether EV range anxiety is justified or not, the top stumbling block to more widespread EV adoption has consistently been concerns with the availability and reliability of public charging stations. Recent efforts to address this issue have included expanded access to Tesla’s Supercharger network—the largest and most reliable EV charging network in the United States—to non-Tesla vehicles, and heavy investment into the expansion of EV charging infrastructure, through government initiatives like the U.S. Department of Transportation’s (DOT) National Electric Vehicle Infrastructure (NEVI) program. 

Are these efforts succeeding at improving the average EV owner’s experience with public charging? According to the latest data from JD Power, the answer is no.  

This E-Vision Intelligence Report dives into key data points trending in each monthly JD Power EV Index update, along with other data points gathered from JD Power studies and pulse surveys, to offer a data-driven consumer perspective on the public charging customer experience.

Customer Satisfaction with Public Charging Declines

Customer satisfaction with DCFC and public Level 2 EV charging fell 21 and 15 points (on a 1,000-point scale), respectively, in Q3 2024, the largest single quarter decline in customer satisfaction in the past three years. The overall customer satisfaction score for DCFC was 643, the lowest level observed to date. Overall customer satisfaction with Level 2 charging was 602, the second-lowest level to date.

Expanded Access to Tesla Superchargers Creates Drag on Satisfaction

The primary cause of the significant quarterly decline in customer satisfaction with DCFC has been the expansion of the Tesla Supercharger network to non-Tesla brands. While the Supercharger network still maintains the highest satisfaction scores of any other DCFC provider, overall customer satisfaction fell 51 points in Q3 2024. This decline was driven by non-Tesla owners using Supercharger stations. The average overall satisfaction score for a Tesla owner using a Supercharger station was 749. That score fell to 671 among non-Tesla owners using the same Supercharger stations.

It is important to note, however, that although overall customer satisfaction with Supercharger stations was lower for non-Tesla owners than Telsa owners, Supercharger still outperformed non-Supercharger DCFC stations by 82 points among non-Telsa owners. Ultimately, what appears to be occurring in real-world use cases is that Supercharger continues to offer superior coverage and reliability, but the higher cost and less streamlined user experience for non-Telsa owners has created a drag on overall Supercharger satisfaction scores.  

Results May Vary

One of the big question marks around EV infrastructure is the future of the DOT’s NEVI program, which provides funding to states to strategically deploy EV charging stations and to establish an interconnected network to facilitate data collection, access and reliability. Two key variables that will heavily influence the future of that program will be the strategic location of the charge points themselves, and the provider selected. In Q3 2024, the biggest drags on customer satisfaction were lack of things to do at the charging station, difficulty charging and speed of charging.

Public charging reliability remains a challenge for the industry. Overall, 19% of visits to public chargers in Q3 resulted in a failed attempt to charge the vehicle. Charging success rates varied widely by provider, however. Top-performing brands such as Tesla’s Supercharger network and Electrify America delivered 90% or higher success rates, while the worst-performing brands executed a successful charge between 58% and 61% of the time. 

Methodology

This JD Power E-Vision Intelligence Report is based on data and insights from the JD Power EV Index, the JD Power EV Retail Share Forecast, the JD Power 2024 U.S. Electric Vehicle Experience (EVX) Ownership Study,^SM the JD Power 2023 U.S. Electric Vehicle Experience (EVX) Public Charging Study^SM and the JD Power U.S. Electric Vehicle Consideration (EVC) Study.^SM The JD Power EV Index is an analytics tool to benchmark the growing EV market in the United States. It tracks millions of data points aggregated into six categories—interest, availability, adoption, affordability, infrastructure and experience—to evaluate the progress to parity of EVs with gas-powered vehicles in the U.S. Each month, the JD Power electric vehicle practice will analyze these data points, and others to spotlight emerging trends and important shifts in consumer sentiment that are helping to define the fast-moving EV marketplace.

Find out More

This report was authored by Elizabeth Krear, vice president, electric vehicle practice; Brent Gruber, executive director, electric vehicle practice; and Kristen Richter, senior manager, electric vehicle practice. The JD Power E-Vision initiative is a company-wide program focused on maximizing JD Power industry-leading EV data, analytics, insights and solutions. Please contact us at the numbers below to connect with the authors or to learn more about the underlying research.

Media Contacts

Shane Smith; East Coast; 424-903-3665; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

2025 To Be Reset Year for EV Sales

E-Vision Intelligence Report
January 2025

Key Findings

• Calendar Year 2025 EV Retail Share Projected to Hold Steady at 9.1%: A combination of uncertainty about the future of federal EV incentives, possible tariffs on both EV and gasoline-powered vehicles and ongoing challenges with the public charging network, have created a series of headwinds to EV adoption, which will result in EV growth stagnating in 2025. JD Power projects total EV retail share to hold at 9.1% in 2025, even with the total growth rate the industry saw in 2024 when 1.2 million vehicles were sold. 
• New Growth Coming from Mass Market EVs: Whereas the early days of the EV market were defined by premium segment vehicles, the trend has shifted to the mass market segment where franchise EV sales rose 58% in 2024, reaching a total of 376,000 units. 
• New York, Florida, Colorado Emerge as New EV Hotspots: California has been the focal point for EV adoption and remains the state with the highest concentration of EV ownership, EV sales in the state declined 250 units in 2024. Meanwhile, among the states with the fastest-growing rates of EV adoption, New York saw an increase of 23,000 EV sales in 2024, followed by Florida (22,400), Colorado (14,600), Michigan (10,700) and Texas (8,400).

Executive Summary

Amid a flurry of speculation about how Trump administration policies on everything from EV incentives and tariffs on foreign imports to federal emissions and mileage standards will affect the future of EV adoption, JD Power has focused its attention on the data, reassessing the major trends in EV adoption for the past four years, and analyzing current government policies and manufacturer strategies to get the most accurate reading possible on consumer sentiment heading into 2025. Though many variables are still at play, which could create potential headwinds and tailwinds to EV adoption, JD Power is projecting that 2025 will be a reset year for EV adoption, in which total retail share will hold at 9.1% as manufacturers and consumers adjust to new market dynamics.

This E-Vision Intelligence Report dives into key data points trending in each monthly JD Power EV Index update, along with other data points gathered from JD Power studies and pulse surveys, to offer a data-driven consumer perspective on the public charging customer experience.

A Reset Year for EV Adoption

The Trump administration has indicated that it intends to end the $7,500 federal Clean Vehicle Tax Credit as part of its plan to overhaul the U.S. government. Based on JD Power research, these federal tax credits have played a major role in incentivizing current EV owners to purchase or lease an EV. Similarly, uncertainty concerning the future of tariffs placed on imported products and continued consumer frustration with public charging have created some significant headwinds to growth in EV adoption.

Based on these trends, JD Power projects the pace of EV retail share growth to level off in 2025, reaching a total of 9.1% of the total automobile marketplace, or a total of 1.2 million vehicles sold. Longer term, the forecast calls for the EV market to reach 26% retail share by 2030, which is approximately half of the market share the Biden administration targeted in its climate agenda. 

Mass Market EV Adoption in the Spotlight

One major trend that took root in 2024 and will play a significant role in determining the future of EV market growth has been the expansion of the mass market segment. In 2021, mainstream franchise EV sales accounted for just 0.8% of total EV market share. In 2024, that number rose to 2.9%, as EVs from the likes of Chevrolet, Ford, Honda, Hyundai and Kia surged in popularity. A total of 376,000 units were sold in the mass market EV segment in 2024, and that trend appears to be holding steady as more mainstream EVs come to market. 

This growth in the mass market segment—along with federal and state incentives—has also helped make EVs cheaper than comparable gas-powered vehicles. On average, at the end of 2024, the average cost of a battery-electric vehicle (BEV) was $44,400, which is $1,000 less than a comparable gas-powered vehicle, inclusive of hybrids and plugin hybrids. While that balance may change if federal tax incentives are removed, the trend toward EVs being a lower cost option has correlated with increases in sales, which will be an important factor for manufacturers to consider as they confront the current marketplace.

Look Beyond California

California has been the largest consumer market for EVs and, according to JD Power forecasts, the state is expected to reach 84% retail share by 2035. However, in 2024, the total number of EVs sold in California declined slightly, while states like New York, Florida and Colorado have become new growth hot spots. The total number of EV sales in New York rose 23,000, followed by Florida (22,400), Colorado (14,600), Michigan (10,700) and Texas (8,400).

Achieving more even growth rates across the country—along with charging infrastructure to support that growth—will be key to the future of the EV market.

Methodology 

This JD Power E-Vision Intelligence Report is based on data and insights from the JD Power EV Index, the JD Power EV Retail Share Forecast, the JD Power 2024 U.S. Electric Vehicle Experience (EVX) Ownership Study, the JD Power 2023 U.S. Electric Vehicle Experience (EVX) Public Charging Study and the JD Power U.S. Electric Vehicle Consideration (EVC) Study. The JD Power EV Index is an analytics tool to benchmark the growing EV market in the United States. It tracks millions of data points aggregated into six categories—interest, availability, adoption, affordability, infrastructure and experience—to evaluate the progress to parity of EVs with gas-powered vehicles in the U.S. Each month, the JD Power electric vehicle practice will analyze these data points, and others to spotlight emerging trends and important shifts in consumer sentiment that are helping to define the fast-moving EV marketplace. 

Find out More

This report was authored by Elizabeth Krear, vice president, electric vehicle practice, and Brent Gruber, executive director, electric vehicle practice. The JD Power E-Vision initiative is a company-wide program focused on maximizing JD Power industry-leading EV data, analytics, insights and solutions. Please contact us at the numbers below to connect with the authors or to learn more about the underlying research.

Media Contacts

Shane Smith; East Coast; 424-903-3665; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

As Financial Health Declines, Customers Try to Parse How New Tariffs Will Affect their Spending

Banking and Payments Intelligence Report
March 2025

As Financial Health Declines, Customers Try to Parse How New Tariffs Will Affect their Spending

As the inflation rate dipped below 3% in February, a whole new financial landscape has emerged for bank customers in the United States in light of new tariffs on foreign imports.

Earlier this month, the United States imposed a new 25% tariff on imports from Mexico and Canada. Accordingly, customers are trying to figure out exactly what that will mean for their finances, particularly those who are struggling.  

According to JD Power data, 31% of customers are financially healthy,[1] a rate at which customers have been largely stuck since 2024. And even though the headline inflation rate has come down, many customers are still saying it affects their day-to-day decisions. Could tariffs start to have the same kind of effect?

Financial Health Returns to Baseline    

After a slight upward swing, the number of customers who are financially healthy returned to 31% in February, while 46% of bank customers were in the vulnerable category. The rate of vulnerable customers represents a 13-month high.

The percentage of bank customers who say the cost of goods is increasing faster than their income rose to 67%. Healthy customers represented the biggest increase, up to 58% from 52% last month, a sobering metric that could portend a further decline in customer health.

Tariff Trouble?

Prior to tariffs taking effect on March 6, less than half (47%) of U.S. bank customers said that these tariffs would hurt their financial situation, while 27% said it would make no difference and 7% said it would help their financial situation. Nearly one-fifth (19%) of customers said they did not know. Meanwhile, bank customers in Canada had a more pessimistic view, as 60% said tariffs would hurt their financial situation and just 20% said they would make no difference. Eight in 10 (79%) customers in Canada said that tariffs would increase inflation, while 57% of U.S. customers agreed. Interestingly, 9% of U.S. customers said tariffs would lower inflation, compared with only 2% of customers in Canada. 

Regardless of how tariffs affect the economies of the U.S. and Canada, one thing seems certain: Bank customers north of the border plan to buy fewer American products. Nearly three-fourths (74%) of customers in Canada say they will buy fewer U.S. products in light of tariffs, while 22% say it will not make a difference in their purchasing decisions.

Navigating the Uncertainty 

As the U.S. begins to define carve outs for tariff exemptions, and companies rush to secure them for their products, it’s still unclear exactly what the end of result of these tariffs will look like. But for customers trying to find some certainty in a very fluid situation, banks have a chance to step in offer some stability.

Customers who are both dialed into the latest developments of this trade standoff and those that haven’t been paying attention are just as susceptible, and they’ll need guidance to get through it. Short of some momentary glimmers, the financial health of customers in the U.S. has been largely unchanged, even as inflation has fallen steadily since 2023. Banks that can keep their customers informed and help them chart a course through the clutter will stand to build better relationships.

Find out More

This Banking and Payments Intelligence Report is based on responses from 4,000 retail bank customers nationwide and was fielded in February 2025. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

[1] JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

Bank Customers Finding Ways to Manage Inflation—But Not Necessarily with Personal Financial Management Tools

With the inflation rate in the United States stubbornly stuck around 3%, more bank customers are trying to find ways to manage the higher cost of goods, even if their overall financial health[1] has not necessarily improved.

According to JD Power, the percentage of U.S. bank customers who are financially healthy has remained steady, but the overall level of concern regarding inflation has fallen sharply. This implies consumers are finding workarounds for higher consumer prices.

Unfortunately for banks, it seems that customers are finding these workarounds without the benefit of using the personal financial management tools they’ve developed to provide this type of guidance. Customers say they find these tools clunky and hard to interpret, which represents a missed opportunity for banks to provide valuable insights to the customers that need them the most.

Financial Health Largely Flat as Inflation Concerns Wane                                           

The number of customers who are financially healthy remains steady at 31%, while 45% of bank customers fall into the vulnerable category.

For a third consecutive month, the number of bank customers who say that the cost of goods is increasing faster than their income decreased. Nearly two-thirds (66%) of customers say they are struggling to keep up with the cost of goods, which is the lowest level this calendar year by far.

Management Tools Come Up Short

As customers acclimate to higher prices, banks have tried to offer personal financial management tools for support. Unfortunately, many are finding these tools to not be particularly helpful. In fact, just 40% of customers say that they completely understand the data presented to them in their bank’s personal financial management tool. That leaves an interpretation gap for more than half of users, one that widens as financial health status declines.

When asked specifically if personal financial management tools helped teach them about their money management behaviors, just 29% said they completely understand their spending habits thanks to these tools. That rate drops to 19% for vulnerable customers.

What’s more, customers are finding these tools to be too passive. Just 39% of customers said that their bank’s management service prompts them with advice to make an immediate change to their financial activity to improve their situations, while only 36% said the tools took action on their behalf (i.e., putting more money into savings or setting up a proposed budget).

Becoming Proactive

While the easing anxiety over inflation is certainly worth celebrating, the fact that most customers’ financial health has not changed is an indication that these modest improvements may not be sustainable. Simply growing numb to higher consumer goods isn’t the same as bolstering a customer’s finances, and that’s where most banks have an opportunity to intervene.

Personal financial management tools can be a game-changing solution for customers, particularly those searching for some relief. But if the data and insights provided aren’t digestible to the customer, there is no way to make them actionable. Customers are expressing a willingness to try these tools and have clear preference on what they want them to look like. Banks must find a way to make the solutions not only easier to understand, but more proactive to help customers take key steps toward better financial health. Banks that can do this stand to build trust and forge valuable relationships with their customers.

Find Out More

This Banking and Payments Intelligence Report is based on responses from 4,000 retail bank customers nationwide and was fielded in July 2024. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

 

[1] JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

Used-Vehicle Market About to Get Complicated as Returning EV Lease Volumes on Track to Spike in 2026

E-Vision Intelligence Report
October 2024

Key Findings

• Electric Vehicle (EV) Returning Lease Volumes on Track to Spike 230% in 2026: Lease volumes for new EVs surged 355% throughout 2023 and 88% through September 2024. Franchise-only (excluding Tesla) EV lease volumes were even higher, rising 438% throughout 2023 and 109% through September 2024. As a result, returning EV lease volumes are projected to dip slightly in 2025 before spiking 230% in 2026. This trend runs counter to what’s happening industry-wide where total lease volumes for gas-powered vehicles have been lower than pre-pandemic levels, creating a likely shortage in used-vehicle availability in 2025 and 2026. 
• Current EV Incentives Make it Significantly Cheaper to Lease New EV: Increased EV availability and big manufacturer and dealer incentives have caused EV prices to drop significantly, creating a situation in which it could be cheaper for returning lessees to lease a new EV than to buyout their existing lease or buy or lease a gas-powered vehicle.
• Uncertainty About Future of Incentives, Overall Used-Vehicle Volumes, Battery Health Create New Complexities for Consumers: Uncertainty about whether the federal EV tax incentive will continue and how long high manufacturer incentives will last, concern about long-term battery health, and a shortage of used gas-powered vehicles will complicate the traditional balance of supply and demand in the used-vehicle marketplace.

Executive Summary

All those hefty incentives that have made leasing a centerpiece of the EV sales strategy may create some complications for the used-vehicle market during the next two years. According to JD Power data, a glut of used EVs will be coming off lease throughout 2026 and beyond, while, at the same time, there is likely to be a significant slow-down in returning lease volumes for gas-powered vehicles. That lopsided dynamic in supply, combined with changes in EV pricing, uncertainty about the future of tax credits and incentives and concerns about long-term battery health will create some new complexities for consumers.

This E-Vision Intelligence Report dives into key data points trending in each monthly JD Power EV Index update, along with other data points gathered from JD Power studies and pulse surveys, to spotlight emerging trends and important shifts in consumer sentiment.

Wave of Used EVs Coming

Due in large part to a provision in the federal Clean Vehicle Tax Credit, which allows auto dealers to pass along a $7,500 tax credit to all EV lessees, nearly half (46%) of all franchise EV sales and 21% of total EV sales (including Tesla) in 2023 were leases. That trend continued throughout the first nine months of 2024, with the lease share of total franchise and Tesla EV volume reaching 30%. Meanwhile, lease volumes for gas-powered vehicles have been lower than pre-pandemic levels. Industry-wide, just 2.4 million gas-powered vehicles were leased in 2023. While that represents a 17% increase from 2022, it is still considerably lower than the pre-pandemic average of more than three million leases annually, which will likely create a shortage in used-vehicle availability in 2025 and 2026.

As a result, returning EV lease volumes are projected to decrease 2% in 2025 before surging 230% in 2026, when a total of 215,000 EVs will come off lease. Meanwhile, overall returning lease volumes, including both gas-powered vehicles and EVs, have been on a sharp decline, falling 37% since 2020. That trend is expected to continue through 2025 when roughly two million total vehicles will come off lease, down from four million in 2020. That means that, by 2026, the total share of EVs in the returning lease mix will be 5.3%, up from just 1.6% today.

Cycle of New EV Leasing Likely to Continue

Another trend influencing the dynamics of the used EV market is the steady decrease in EV prices during the past two years. For example, in the compact SUV segment, the average customer-facing transaction price (CFTP),  for a new vehicle is currently $35,900, down $12,700 from $48,500 in 2022. Driven by a combination of increased sales incentives and increased supply of new models, the steady decline in EV prices has created a scenario where lease buyouts, which had been a popular option for the past few years during supply constraints, no longer make economic sense. 

The average returning lessee in the compact SUV segment is paying $583 per month for their vehicle, and the average residual value of their vehicle is $29,645. Importantly, that means the buyout price of the majority of compact SUV EVs is higher than the $25,000 threshold that would qualify for the used EV tax credit. Accordingly, it would cost the average returning lessee in the compact SUV EV segment $477 per month to buyout the lease. Meanwhile, the average lease payment on new vehicles in the same category is just $457 per month.

Add to these stats the facts that it would be significantly more expensive to lease or buy a comparable gas-powered vehicle, and that 94% of current EV owners say that they are likely to consider an EV for their next vehicle purchase or lease, and it becomes clear that—under current cost and incentive structures—returning EV lessees are likely to lease new EVs.

Uncertainty Abounds 

Of course, all these projections assume that current federal tax incentives and manufacturer incentives on EVs continue to be offered at the same rates—neither of which is a certainty. The results of the U.S. presidential election, consumer demand for new EV models, and continued improvements in EV range will all weigh heavily on the future dynamics of the used vehicle marketplace. 

Long term battery health will also be a factor in this equation. With federal regulations requiring minimum EV battery warranties covering owners for eight years or 100,000 miles, this potentially costly maintenance item will start to become a much bigger factor in the consumer calculus of used vs. new vehicle purchases. Together, this new mix of variables, which has not previously affected used-vehicle valuations, will now become a big part of the consumer value equation. With 279,300 EVs set to come off lease in the next two years, the results will tell us a lot about the future of the used-vehicle marketplace.

Methodology 

This JD Power E-Vision Intelligence Report is based on data and insights from the JD Power EV Index, the JD Power EV Retail Share Forecast, the JD Power 2024 U.S. Electric Vehicle Experience (EVX) Ownership Study, the JD Power 2023 U.S. Electric Vehicle Experience (EVX) Public Charging Study and the JD Power U.S. Electric Vehicle Consideration (EVC) Study. The JD Power EV Index is an analytics tool to benchmark the growing EV market in the United States. It tracks millions of data points aggregated into six categories—interest, availability, adoption, affordability, infrastructure and experience—to evaluate the progress to parity of EVs with gas-powered vehicles in the U.S. Each month, the JD Power electric vehicle practice will analyze these data points, and others to spotlight emerging trends and important shifts in consumer sentiment that are helping to define the fast-moving EV marketplace.

Find out More

This report was authored by Elizabeth Krear, vice president, electric vehicle practice; Brent Gruber, executive director, electric vehicle practice; and Kristen Richter, senior manager, electric vehicle practice. The JD Power E-Vision initiative is a company-wide program focused on maximizing JD Power industry-leading EV data, analytics, insights and solutions. Please contact us at the numbers below to connect with the authors or to learn more about the underlying research.

Media Contacts

Shane Smith; East Coast; 424-903-3665; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

Plug-In Hybrid Paradox: Manufacturers Embrace Them, U.S. Shoppers Not Yet Fully Convinced

E-Vision Intelligence Report
September 2024

Key Findings

• Plug-In Hybrid (PHEV) Market Share Remains Stubbornly Low: Despite recent efforts by manufacturers to pivot to PHEVs as a bridge to full EV adoption, PHEV market share remains below 2% of the total automobile market. This compares with 9.4% for battery electric vehicles (BEVs) and 10.7% for hybrid vehicles (HEVs). Meanwhile, the total number of available PHEV models in the market (41) is larger than that of HEVs (39).
• Large Gap Emerges Between PHEV and BEV Purchase Prices: PHEVs are significantly more expensive to purchase than BEVs or HEVs. The average customer-facing transaction price (CFTP),[1] for a PHEV in the compact SUV category is $48,700. That compares with an average CFTP of $37,700 for a HEV and $36,900 for a BEV in the compact SUV category.
• PHEVs Missing the Mark on Customer Satisfaction: Overall customer satisfaction with PHEVs has been significantly lower than BEVs. Overall satisfaction with PHEVs is 669 (on a 1,000-point scale), while mass market BEVs (716) and premium BEVs (738) score significantly higher.

Executive Summary

By now, it is no secret that the big obstacle keeping shoppers from broad adoption of EVs is range anxiety. Consistently, across every study JD Power has conducted to evaluate customer experience with EVs, five of the top 10 reasons people give for rejecting an EV are focused on things like lack of charging station availability, limited driving range, time required to charge, and other charging- and infrastructure-related concerns.

The auto industry’s solution has been something of a compromise. In the past year, virtually every major automaker has made a pivot to PHEVs as a bridge between gasoline-powered vehicles and fully electric vehicles. On paper, it makes a ton of sense. In reality, it’s creating some new challenges.

This E-Vision Intelligence Report dives into key data points trending in each monthly JD Power EV Index update, along with other data points gathered from JD Power studies and pulse surveys, to spotlight emerging trends and important shifts in consumer sentiment.

PHEVS Not Moving the Needle on Sales

Despite heavy marketing pushes and high-profile introductions of new models, PHEV sales are not yet making a significant dent in total auto industry market share. Through August, PHEVs represented just 1.9% of total vehicle sales, which is down slightly from July. That compares with 9.4% market share among BEVs and 10.7% among HEVs.

In terms of vehicle availability, there are currently 41 different PHEV models available in the U.S. market. By comparison, there are 39 HEV and 60 BEV models currently available.

At What Cost Charging Independence

PHEVs have been widely embraced by the automotive industry as a bridge to meeting ambitious fleet emissions targets while also easing consumers into the EV transition by removing range anxiety from the ownership equation. It also doesn’t hurt that they are able to sell them at a significant premium to BEVs and HEVs.

On average, the CFTP for a compact SUV PHEV sold in January-August of 2024 was $48,700, which is 24% higher than the average real-world transaction price for a comparable BEV ($36,900). HEVs, which are most similar to PHEVs from a mechanical and production cost standpoint, have an average CFTP of $37,700 in the compact SUV category during the same period.

When viewed through the lens of total cost of ownership, which factors in things like fuel and maintenance costs, BEVs are just 1% cheaper to own over a 5-year period than all other fuel types.

Customer Satisfaction: A Critical Missing Link

Perhaps the biggest concern surrounding the auto industry’s pivot to PHEVs is the overall lack of customer satisfaction among the people who are buying these vehicles. Although they are being pitched as the best of both worlds, when it comes to customer experience PHEVs are starting to look like a compromised solution.

According to the latest updates to the JD Power U.S. Electric Vehicle Experience (EVX) Ownership Study,^SM overall customer satisfaction with PHEVs has been significantly lower than BEVs. Overall satisfaction with PHEVs is 669 (on a 1,000-point scale), while mass market BEVs (716) and premium BEVs (738) score much higher. Among the challenges PHEV owners experience are higher-than-expected ownership costs associated with vehicles that have two different power sources, each with its own maintenance and fueling requirements. Also, since PHEVs are not discernably different in terms of style and design from their gasoline-powered counterparts, yet come at a steep premium, many consumers are not seeing a big enough difference in overall ownership experience to make them feel they are getting enough value for their money.

Methodology

This JD Power E-Vision Intelligence Report is based on data and insights from the JD Power EV Index, the JD Power EV Retail Share Forecast, the JD Power 2024 U.S. Electric Vehicle Experience (EVX) Ownership Study, the JD Power 2023 U.S. Electric Vehicle Experience (EVX) Public Charging Study and the JD Power U.S. Electric Vehicle Consideration (EVC) Study. The JD Power EV Index is an analytics tool to benchmark the growing EV market in the United States. It tracks millions of data points aggregated into six categories—interest, availability, adoption, affordability, infrastructure and experience—to evaluate the progress to parity of EVs with gas-powered vehicles in the U.S. Each month, the JD Power electric vehicle practice will analyze these data points, and others to spotlight emerging trends and important shifts in consumer sentiment that are helping to define the fast-moving EV marketplace.

Find out More

This report was authored by Elizabeth Krear, vice president, electric vehicle practice; Brent Gruber, executive director, electric vehicle practice; and Kristen Richter, senior manager, electric vehicle practice. The JD Power E-Vision initiative is a company-wide program focused on maximizing JD Power industry-leading EV data, analytics, insights and solutions. Please contact us at the numbers below to connect with the authors or to learn more about the underlying research.

Media Contacts

Shane Smith; East Coast; 424-903-3665; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

[1] Consumer facing transaction price is the negotiated vehicle price less customer-facing incentives and includes the Federal Tax Credit.

Even as Inflation Eases, Bank Customers in U.S. Struggle to Find Relief

Inflation is the bugaboo that just won’t go away. As the U.S, Presidential election hits a fever pitch, the persistently high cost of consumer goods is a huge talking point among the candidates and the voters.

That may be surprising to some, as the rate of inflation finally dropped below 3% this summer and, at its current 2.5%, represents a 73% drop from the 9.1% high that was reached in June 2022. But according to JD Power, the percentage of bank customers in the United States who are financially healthy[1] has only modestly improved, while the number of customers who say the cost of goods is increasing faster than they can afford has increased in the past month.

It’s a fact that is difficult to reconcile, leading some analysts to wonder just how reliable some customer feedback is. Notably, 28% of customers say they do not track their own financial status, leaving banks with the uphill task of building products and offering services to a clientele that is often in the dark about their actual situation and needs.

Inflation Becomes the Ultimate Enigma

The number of customers who are financially healthy rose slightly to 32%, while 44% of bank customers fall into the vulnerable category.

For the first time in four months, the number of bank customers who say that the cost of goods is increasing faster than their income increased (68%). That rise comes amid the lowest inflation numbers in recent memory.

Relief Hard to Come By, But Lack of Tracking Breeds Confusion

When asked about where they have experienced relief from inflation, customers express modest improvement from six months ago. Grocery and restaurant prices show the most improvement, but shockingly, 34% of customers say prices have not gone down for any goods. Those rates are highest among financially stressed and vulnerable customers, but even 30% of healthy customers say they have not felt any relief.

Even as customers continue to express struggles, there seems to be a disconnect between what customers feel and what they actually know. While some customers are using either banking digital tools or a personally made system, a surprisingly high 28% of customers admit that they do not track their finances with any digital tool or other system.

A Need for Clarity

Even with inflation easing, it is clear that customers are not feeling immediate relief. After being under duress for more than two years, financial health improvements are likely to lag inflation’s downward trend. That means that inflation is still a factor in many Americans’ day-to-day financial decisions.

For banks, this creates an interesting dilemma. With so many customers making choices, both financial and political, based on inflation, yet such a sizeable portion of them refusing to track their finances, it is difficult to build an outreach strategy. Banks will need a multi-pronged approach that incorporates financial literacy, vigilance, and planning to help customers out of the cycle of stress that they’ve been experiencing.

Find out More

This Banking and Payments Intelligence Report is based on responses from 4,000 retail bank customers nationwide and was fielded in August 2024. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

[1] JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.