Electric vehicle buyers are willing to shell out some serious cash for the best battery available, according to a new study from battery materials maker Sila and SIS International Research.
Range is the top deterrent for potential EV buyers (34%), followed by charging infrastructure (33%), and price (22%). "The survey found that EV performance—specifically range—is a top consideration and concern for consumers across all pricing segments," the study says.
Forget swanky dash screens and autonomous features, 79% of respondents say they value battery range over all else. In fact, battery performance is so valuable that they're willing to pay over $13,000 on top of the vehicle price for better battery performance as a standalone upgrade.
Tesla, Rivian, Ford, and almost all EV makers offer standard and extended range versions of their vehicles. Rivian, for example, offers three battery-pack options: a standard pack for no additional charge, large pack for $6,000, and max pack for $16,000.
"EV consumers have a strong desire to address their stated anxieties related to range (including loss of range from cold weather and heavy towing)," the study says. "That strong desire results in a high willingness to pay for increased range."
Nearly two-thirds (65%) of buyers looking for a vehicle under $55,000 are interested in paying more for a better battery. Among buyers looking for vehicles above $55,000, over 80% intend to spend extra for the best battery.
Consumers are also open to battery subscription models, like the one Vietnamese brand VinFast initially launched and later abandoned. Survey respondents say they are willing to pay as much as $200-$250 per month for a battery with extra range.
Of those surveyed who had already made the purchase, 92% said they are still happy with their decision. "Respondents tell us their desire for a longer range will remain even as charging infrastructure improves."
But is the money worth it? The study finds EV drivers do not need as much range as they think. Some of the money spent on a better battery might be more likely to quell anxiety than make a meaningful difference.
"Consumers across all income levels are expecting their EVs to go farther than they actually drive today," the study says. "The average respondent drives or expects to drive 208 miles per week. However, they want a vehicle with an estimated average of 286 miles per charge."
If you're in the market for an EV, that might be something to consider rather than spending the extra couple thousand (or more) for more range that's almost never used.
Survey Methodology: The survey looked at responses from 1,000 US adults living in both the suburbs and the city. Half of participants, or 50%, already own an EV, while the other half intend to purchase one in the near future. All participants have household incomes above $50,000, with the largest percentage earning between $150,000 - $200,000 per household. Most are planning to purchase vehicle price at $55,000 or less. Most also currently possess an ICE (internal combustion engine) vehicle.
