Metergram Insights: Consumer Demand For Electric Vehicles Shows No Signs of Slowing Down
Not only are more motoring brands phasing out their combustion cars and investing heavily in electric vehicles, but consumer demand also continues to grow. An excellent example of this is the all-new Chevy Blazer EV that Chevrolet revealed in July of 2022. Unfortunately, early adopters will only be able to get their hands on the car next summer, but that hasn’t stopped Chevrolet from fulfilling its reservation target. This means that Chevrolet will no longer accept any new vehicle reservations. The all-electric 2024 Blazer EV boasts an impressive list of features, which can be viewed on the Chevrolet website (https://media.chevrolet.com/media/us/en/chevrolet/blazer-ev.html).
It’s not just Chevrolet seeing a massive demand for their upcoming EV offerings either. General Motors unveiled the GMC Sierra EV Denali in October and had to close reservations a mere 15 minutes later. Reservations only required a $100 deposit and were not binding, but it was clear that the $107,000 electric pickup was sought after. It is expected to debut in early 2024 with a limited Edition 1 trim. While GMC has refrained from stating the exact number of Edition 1s that will be manufactured, the number is expected to be less than 10,000. General Motors also revealed during an earnings call that it had a total of 90,000 reservations for the GMC Hummer EV pickup and SUV, which meant that they were fully booked. However, demand continues to exceed supplies, but production on Ultium Cells could see a decrease in the bottleneck.
Hundreds of thousands of potential buyers also paid $100 to reserve a Cybertruck from Tesla a few years back. Unfortunately, the long-awaited pickup truck has since pushed back production timing for Cybertruck three times, with shortages in sourcing components believed to be a key reason. Tesla has also stopped taking orders for the Cybertruck outside North America, stating that there are already more orders than what they could fulfill for three years after production has started. Nevertheless, Reuters released an exclusive report stating that early production is expected to begin in the middle of 2023 (https://www.reuters.com/business/autos-transportation/exclusive-tesla-plans-mass-production-start-cybertruck-end-2023-sources-2022-11-01/).
Even manufacturers that previously bowed out of the electric vehicle market, such as Mitsubishi, have plans to resume sales (https://www3.nhk.or.jp/nhkworld/en/news/20221017_29/#:~:text=Japanese%20automaker%20Mitsubishi%20Motors%20says,year%20due%20to%20weak%20sales). The continued demand from the public along with manufacturers committing to meeting this demand means the future is bright for EV.