What’s Data got to do with it? EV Edition
Episode 05
In this episode, I sit down with Kirsten Von Busch, the Director of Product Marketing at Experian Automotive who brings over 20 years of experience in the auto industry.
We take a look at the data behind EV usage and as well as some trends that people may not be aware of. Additionally, we discuss the scale of EV usage, what’s on the horizon in terms of mainstream adoption, the evolution of the “EV buyer” and much more.
Episode Highlights
(0:00) – Introduction
(0:35) – Episode beginning and guest intro
(1:17) – A memory or highlight of Used Car Week’s both past and present
(2:58) – The scale of EV usage, looking more into the data
(5:01) – Is there more mainstream adoption upcoming?
(6:29) – The evolution of EV price points, “the EV buyer”
(7:33) – If you have one data point or statistic to place on a billboard, what would it be?
(8:32) – Episode wrap-up
Transcript
Elena: And we’re back Used Car Week live San Diego 2022. I am with Kirsten Von Busch and I’m finally pronouncing her name correctly. How are you this morning? From Experian Director of Product Marketing – how are you this morning?
Kirsten: I am doing so well. Thank you so much for having me. It’s my pleasure to be here.
Elena: I’m so excited you’re here, but I just wanted to steal a couple of minutes with you talking about EVs because Experian has been coming out with these amazing consumer trends reports and I would love to hear your thoughts on that. So before we get into all of that fun stuff, this is not your first Used Car Week. So tell me highlight a favorite memory. Something that brings brings a little little warmth to your heart when you think about UCW.
Kirsten: Well, I have two things one is a little more personal and one is professional but my favorite UCW was last year’s UCW, because after being home and not traveling for so long with everything going on with the pandemic last year’s UCW in Las Vegas was really my first big conference and it felt so good to be out and about and just with people again. It was absolutely fantastic. And it also was really special for me because my cousin and his now wife live in Las Vegas, and I was able to see them and we were able to collaborate because they asked me to officiate their wedding that actually was at the same location as the conference.
Elena: Oh yeah. Oh my gosh, they got married at Red Rock.
Kirsten: They did. They did. And they got married in December. So I was at UCW in November.
Elena: I love the fact that over the years, just recently when we got the green light to do this panel – I’ve always really admired your work. I’ve seen you on stage give presentations. And so when we got the green light to do this presentation this year, I’m like, Oh, yes, Kirsten’s gonna be on the panel with us. Very excited. So let’s talk about EVs, one of the big stats that in that report, 1.8M EV in operation. And then, remember, we actually chatted about this on the phone and you’re like that’s actually not a huge number. So talk a little bit more about vehicles in operation compared to the 280M on the road, right?You’re seeing some growth, but why is it significant that we’re kind of seeing this growth now?
Kirsten: Yeah, it is relatively small, but yet mighty. So let me explain that. There are 1.8 million electric vehicles in operation and that number has since grown. So that was the number we reported in order to in comparison to as you said, over 280 million vehicles in operation. Generally speaking less than 1%, not a whole heck of a lot. However, with that being said, registrations for new retail electric vehicles have continued to just grow exponentially. There’s been a 36,000 Did I say that correctly? I have to always like think of it in my head. I’m picturing it 36 times more EVs were registered then in the last 10 years. So I mean, it’s just an staggering hockey stick. And from a registration perspective, EVs are now representing over 5% of new retail registrations. So while it’s small, it’s going to continue to grow really quickly in the coming years.
Elena: I think it’s really exciting to see those numbers start to pop up just because we kind of like live and breathe some of the stories with EVs and what’s going on, and maybe to the average consumer, they’re just like, Well, I see a lot of Tesla’s on the road. So I don’t know maybe there’s more than, you know, last year or the prior year. So what’s kind of your your feeling on, you know, moving into 2023? Do you still think that there’s more adoption left in mainstream adoption? We have the early adopters, right? We have the the folks that, just use Tesla as an example, that really, really love their Tesla, early adopters. So do you start to see like a little bit more mainstream adoption, or what are your thoughts on that?
Kirsten: Yeah, I definitely expect to see more mainstream adoption, and Tesla has absolutely been the market leader, you know, but with that being said, their overall volume is continuing to increase. From a purchase perspective, but their market share is decreasing. And all that really means is the pie is getting bigger, there’s more sales, and there’s more vehicles being sold different types of vehicles, so different model entrants, and that’s really important for mainstream adoption, because we’re seeing non-luxury brands enter the market. We are seeing different price points, and we’re only going to see additional models in the years to come.
Elena: I’m really excited to see some of the the price points that are not luxury. I’m excited to see that because the podcast is called EVs for Everyone.
Kirsten: Oh, we absolutely agree. And we’re starting to see a shift in the buyer where historically the EV buyer has been fairly homogeneous group, right where I mean they kind of all quote unquote look the same from a demographic psychographic perspective. We’re seeing additional diversity in the buyer, as far as their income, background, their interests, and marketing to them is going to be so important because it’s not just that same buyer that we’ve seen over the last few years.
Elena: I completely agree. I think it’s it’s going to be interesting to see how to see how it all unfolds here. So if you had one data point or statistic to place on a billboard starting on January 1 2023, what would it be?
Kirsten: Well, my personal billboard would be the phonetic pronunciation of Kirsten. So yes, it is officially pronounced Kirsten, not Kristin that Kyrsten but yes, Kirsten, so that would be my personal billboard. But from a professional standpoint, especially around EVs. I would put that 5% statistic on there, because that 5% statistic is going to continue to grow, representing how many new retail vehicles EV vehicles are being sold and registered in the marketplace. So I think that’s going to be a really exciting number to watch.
Elena: So you know, those billboards that are taken out by the same company. So the first billboard is going to be like, my name is pronounced Kirsten, the second billboard is going to be 5%. So that’s the billboard- thank you so much for being here. I’m so excited for our panel today. And it was a dream to have you on the on the show today. So thank you so much for your time.
Kirsten: Well, my goodness, thank you so much for having me. It was my pleasure to be here. And I have to say I was so incredibly flattered when you asked me to be on the panel. I was like, Oh my gosh, she picked me. So absolutely. I just give my kudos back to you as well.