TrueCar Survey Shows Electric Vehicle Interest Continues to Grow Nationally With Los Angeles Consumers Ahead of the Curve

• Consumers likely to purchase an EV surges 7% since March
• Consumer education key to making transition to EV a reality
  

SANTA MONICA, Calif., Nov. 16, 2022 /PRNewswire/ -- In concert with the opening of the 2022 Los Angeles Auto Show, TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient, and transparent online destination for buying and selling new and used vehicles, compared its recent national consumer sentiment survey on electric vehicles (EV) to a focused look at real-time EV attitudes in the Los Angeles area.

"Consumers across the nation are continuing to grow in their willingness to consider an EV as their next vehicle purchase," said Mike Darrow, President and CEO of TrueCar. "When we look specifically at the LA area the interest and experience with EVs is much stronger, with 68% of people interested in making the switch compared to 59% across the rest of the nation."

High gas prices and the environmental benefits of EVs are the top factors driving Los Angeles residents' interest in EVs. LA mirrors the rest of the nation in the top detractors to EV ownership with concerns about higher initial purchase price and range/charging access as the most commonly cited barriers.

• Consumers' likelihood to purchase an EV as their next vehicle continues to grow nationally, increasing from 52% in March 2022 to 59% in August 2022.
• LA residents outpace the national average with 68% reporting likely to consider an EV
• Nationwide, only 43% of those surveyed report ever having driven or owned an EV.
• LA residents have more experience with EVs with 50% reporting prior ownership and driving experience.
• Nationally, 31% of consumers reported being "much more likely" to consider EVs due to gas prices.
• In LA, 38% of consumers were "much more likely" to consider EVs due to gas prices.

One interesting finding is that LA residents are more likely to rent their homes (45%) than the national average (38%) which increases the number of people who do not have access to charging at home - or the ability to install it - making public infrastructure critical to enabling those with EV interest to purchase one.

"The interest in EVs is definitely growing across the nation, but there are a lot of unknowns for consumers in the EV ownership space," said Darrow. "TrueCar feels that consumer education is the critical link that needs to occur for the transition to EVs to really take hold. We are working with OEMs and dealers to help narrow this education gap and assist with consumers becoming informed and comfortable with the EV choice."

To help with the need for consumer education, TrueCar now provides informational guides for consumers that are searching and buying EVs through its online site www.truecar.com.

TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry's most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar's marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam's Club, Navy Federal Credit Union and American Express.

For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter. TrueCar media email: [email protected]

SOURCE TrueCar.com