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Consors Finanz Study on E-Mobility: Slow Breakthrough with Some Remaining Doubts

(ots) According to a study, the majority of Germans can imagine purchasing an electric car. But only one in two believes that e-mobility scores points ecologically. Half are deterred by the price.

At least, a relationship, though an ambivalent one: For the first time, a majority of Germans can imagine buying an electric car, determined Consors Finanz. | Photo: Consors Finanz
At least, a relationship, though an ambivalent one: For the first time, a majority of Germans can imagine buying an electric car, determined Consors Finanz. | Photo: Consors Finanz
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Johannes Reichel

(ots) Electromobility on German roads is increasing. According to the Federal Motor Transport Authority, the share of electric cars in the passenger car fleet in Germany has been steadily rising in recent years. As of January 2024, it stood at around 4.32 million (BEV and hybrid), which is approximately 7.1 percent of the total vehicle fleet. Of these, around 1.4 million were pure electric cars (BEVs), a 39.1 percent increase compared to the previous year. However, in the first quarter of 2024, registration numbers declined, with fully electric vehicles down 14.1 percent compared to the same period last year.

Nevertheless, there is an interest in electromobility among consumers. According to the results of the Automobilbarometer 2024 "Motorists are in a fog" by Consors Finanz, it is evident that for the first time, the majority of Germans can imagine buying an electric car (30 percent fully electric, 24 percent plug-in hybrid). Diesel and petrol cars together account for only 48 percent. This puts Germany roughly in line with the global average of 57 percent (32 percent fully electric, 25 percent plug-in hybrid). For comparison: In Norway, 43 percent of respondents plan to buy a pure electric car. In China, the figure is even 65 percent.

Electric cars are not seen as the sole solution by Germans

The surveyed Germans, however, have doubts about whether electric cars are really the ultimate answer to ecological problems. While 75 percent of Germans say that technological progress will make cars more environmentally friendly overall (83 percent worldwide), only about half—52 percent—believe that electric cars will bring about ecological change. This contrasts with the rest of the world, where 67 percent of surveyed consumers believe in electric cars as an ecological problem solver.

The skepticism of Germans is evident in another point: Only 49 percent believe that electric cars will completely replace combustion engines. Worldwide, however, 54 percent consider this realistic.

Range, Environmental Compatibility, and Power Supply Biggest Concerns

Range and environmental compatibility are important reasons for consumers to refrain from purchasing an electric car. For 40 percent of Germans, the lack of range is a purchasing barrier (worldwide 31 percent). 37 percent associate unresolved environmental issues with the electric car. With these concerns, Germans are significantly above the global average of 22 percent. In China, it is only 16 percent.

At the same time, 62 percent of Germans surveyed are worried about whether enough electricity can be produced to meet the demand for widespread electromobility (55 percent worldwide). Here too, the Chinese are significantly more confident. There, 83 percent believe that the power supply is secured.

The Cost Factor Remains Decisive

The sticking point for many Germans remains the purchase price. For 46 percent of Germans surveyed, it is the main argument against purchasing an electric car (48 percent worldwide). Nearly three-quarters of respondents in both Germany and worldwide also fear that rising electricity costs could ultimately make electric cars more expensive than gasoline ones.

The fact that the federal government decided at short notice to completely cut state subsidies for the purchase of electric cars at the end of 2023 in the course of the budget debate is therefore the wrong way to go. This is because 70 percent of Germans consider subsidies essential to help drivers (79 percent worldwide). The abolition of the environmental bonus already seems to be having consequences, as seen in the registration numbers of fully electric vehicles in the first quarter of 2024.

Approaching New Technologies

"The study results show that Germans remain more skeptical about electric cars in several areas compared to respondents in other countries," summarizes Bernd Brauer, Head of Mobility at Consors Finanz. "Here, flexible financing models such as leasing could play an increasingly important role," says Brauer. "They allow buyers to try out new technology without investment risk and thus dispel lingering doubts."

Translated automatically from German.
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