OEMs across global markets have remoulded their business models to fit the new operating environment, diverting investment away from traditional ICE vehicles toward the development and production of new and enhanced EVs. Thanks to these concerted efforts, the EV offering alongside the range of these vehicles has improved, and EVs are now the preferred choice among many consumers when looking to purchase a new car.
However, despite progress, EVs continue to be more expensive than traditional ICE alternatives in Europe and the US. As a result, many entry level consumers are being forced out of the new car market and are instead looking to buy second-hand vehicles, delay their purchase, or simply use alternative transport means.