Business

Automakers Eye SUVs As Next Forefront For EVs

Multiple car companies are planning to introduce seven-seater electric vehicles (EV) in a bid to expand the EV market to families, according to The Wall Street Journal.

SUVs account for more than 50% of the U.S. car market and have been growing in recent years, according to The New York Times. Big brands such as Kia, Ford and Toyota have announced that EV SUVs are in the works, with Mercedes Benz being the only carmaker in the U.S. currently with a large EV, the EQS.

“For a lot of people, that third row is the No. 1 reason for purchase,” director of global product planning at General Motors’ Cadillac, Jess Bala, told the WSJ. Cadillac is set to introduce an SUV EV in August.

The primary buyers of Kia’s EV6, a mid-size SUV, are men, according to the WSJ. Kia expects women to be the primary buyers of its proposed three row SUV EV, the EV9.

“We’re getting interest from people who have never thought about buying an EV because they see that it still fits their lifestyle,” Russell Wager, Kia’s U.S. marketing chief, told the WSJ.

EV companies have struggled in the U.S. recently.

Ford sliced the price of its Lightning electric pickup truck models from slightly above $6,000 to nearly $10,000 depending on the model type. Rivian and Lucid’s shares have slid recently, down nearly 21% and 64% respectively this year, and have burned through billions in cash reserves.

The top three sellers through June of this year are Tesla’s Model Y, a midsize SUV, Tesla’s Model 3 and GM’s Chevrolet Bolt, according to the WSJ.

Hyundai, Volvo and Cadillac also have EVs in the works.

Hyundai, Volvo, Cadillac, Kia, Ford and Toyota could not immediately be reached for comment by the Daily Caller News Foundation.