Once upon a time, Tesla (TSLA) stood out as the biggest name in electric vehicles, spearheading the popularity of such cars in the U.S market.
But Alistair Weaver, editor-in-chief of Edmunds, says those days are over.
“There's a lot more product coming into the market,” Weaver recently told Yahoo Finance at the 2023 New York Auto Show. (Video above.) "I mean, for a long time, Tesla almost had the market to themselves. And now everybody's getting into the game— the luxury brands, the mainstream brands.”
Weaver cited several new-to-market EVs. For example, Ford's (F) F-150 Lightning and GM's (GM) Silverado EV. Also: the KIA EV9, which unlike most smaller EVs, is a three-row family car. And the much hyped Ram 1500 EV pickup, which Stellantis, Ram’s parent company, contends will lead the EV truck market in range, or the distance electric cars can travel on a full battery.
“Ram is saying, we might not be first, but we're going to be better. We're going to have more range. We're going to have more usability,” Weaver said. "So they've got the opportunity to see what other people are doing. And now they're coming with their own alternative.”
Meanwhile, Edmunds, Weaver's publication sees increased interest in electric vehicles along with rising gasoline prices. “We can actually see on our website what people are searching for,” Weaver said. “And as soon as the gas prices go up, suddenly EVs and hybrids, people start looking."
Other highlights from Weaver's Yahoo Finance interview:
Supply bottlenecks: Though he says electric vehicles make up roughly 6 percent of the car market, the industry has recently experienced supply shortages—like anyone else. “So it's potentially a bit of a false market. As supply increases, then we might see the share go up as well” he said. “We're expecting it to keep creeping up, you know, as the years go by.”
Tech overkills? Weaver took issue with the tech found in many new electric vehicles. For instance, he contended that three screens inside the new Ram EV truck were excessive. “I mean, it's a big deal, isn't it? It's like how big your screen is now a key selling point,” he said. “It's a bit like, as you say, how big is your TV? I mean, I personally think they're quite distracting.“
Bad GM move: Weaver also criticized GM’s recent decision to eliminate Carplay, a feature that allows iPhones to connect to the car’s infotainment screen and sound system. “Sometimes the industry makes decisions, or people within the system make decisions that just sort of blow your mind," he said. “There’s been a big backlash online. So maybe they'll reverse the decision. Who knows? But a very strange one because that's what consumers are asking for.”
Headwinds? Despite the EV excitement Weaver said the market faces challenges. For instance, electric vehicles can only travel as far as their battery permits and consumers often struggle to find nearby charging stations. “I think, you know, the whole cliche about range anxiety is real. And a lot of that relates to the charging infrastructure in the US, which, I mean, I live in LA, which is EV central. And even there, it's not great,” Weaver said. “So this is something that has to be solved.”
Final thought: “There's a lot more choice for consumers. Awareness has gone up. Infrastructure is not great, but it's getting better,” Weaver said. “And so prices, you know, are still more than a gas alternative, but, you know, getting more accessible. So I think people are just starting to look at it and say, yeah, this is for me.”
Dylan Croll is a reporter and researcher at Yahoo Finance. Follow him on Twitter at @CrollonPatrol.
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