The automotive industry is failing when it comes to electric vehicle (EV) offerings.
That’s according to new research from Lux Research which stated few EVs offered by the sector pass key performance benchmarks of driving range and cost.
In its ‘EV Inflection Tracker’, the automotive industry got a score of 27 out of a possible 100 rating, “mainly because of high costs and limited offerings with a driving range of over 200 miles”.
Only luxury cars earned the highest qualification due to offerings from Tesla, BYD and Volvo, it added.
The report found no carmaker has yet reached the “holy grail” for EVs which is 200 miles of an all-electric range and a price tag below $33,000 (£23,100) although some models could be close to the target.
It added small plug-in vehicles will continue to see the most action in the next few years, with new players jumping in.
Lux Research believes luxury plug-ins don’t drive meaningful sales volumes but serve as early incubators of technology, providing critical “trickle-down” innovation.
However, the report also highlighted plug-in cars will reach mass adoption, capturing more than 50% of new car sales by 2040.
Cosmin Laslau, Lux Research Senior Analyst said: “Although EV progress is being made, we still found few compelling choices for mainstream consumers with most plug-ins both too expensive for the mass market and too limited in electric driving range. This performance earns the automotive industry a failing report card aside from the luxury niche.
“It will take three full model cycles worth of development and iteration before the EVs take over the market but automakers are showing progress on improving their offerings, with Tesla and GM leading the way.”