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Volta Study Reveals Broader Electric Vehicle (EV) Adoption Depends On Conveniently-located EV Chargers Placed Where Drivers Already Go
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Rhea-AI Summary
Volta Inc. (NYSE: VLTA) emphasizes the critical role of convenient and visible EV charging stations in promoting electric vehicle adoption. A recent study reveals that 75% of potential EV buyers identify access to charging as a significant barrier, surpassing even price concerns. The company has launched a brand campaign titled 'Time To Move On' to encourage EV transitions during Earth Month, while highlighting the benefits of EVs through its dynamic media network. The campaign aims to enhance the public's awareness of the advantages associated with electric transportation.
Positive
75% of EV intenders rank convenient access to charging as the top barrier to switching to EVs, highlighting Volta's market opportunity.
The 'Time To Move On' campaign aims to promote EV adoption, aligning with increasing consumer interest in sustainability.
Negative
42% of Americans have never seen an EV charging station, indicating a gap in visibility that could hinder market growth.
Intense competition in the EV charging market poses risks to Volta's market share and future profitability.
Research shows access to EV charging as more significant barrier to purchasing an EV than price
Volta launches “Time To Move On” brand campaign across its media network to encourage the switch to EV during Earth Month
SAN FRANCISCO--(BUSINESS WIRE)--
Volta Inc. (NYSE: VLTA), an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce, revealed broader EV adoption is dependent upon highly visible EV chargers that are conveniently located at the places drivers already frequent. The findings come from a nationwide research study and go beyond price and range anxiety to understand top barriers to switching to electric:
Volta Study Reveals Broader Electric Vehicle (EV) Adoption Depends On Conveniently-located EV Chargers Placed Where Drivers Already Go (Photo: Business Wire)
Visibility Is Key: Nearly half (42%) of Americans have never seen an EV charging station, and over a quarter (27%) of EV intenders still have not
Convenience Is A Must, Not A Luxury:75% of EV intenders rank convenient access to EV charging as their top barrier to making the switch (5 percentage points higher than price)—63% of the general population agreed
Optimize for Lifestyle: Americans ranked grocery shopping (73%), dining at a restaurant (70%), retail shopping (69%), working (68%), watching a movie at a theater (64%), and exercising (60%) as top activities they would like to accomplish while charging their EV— all higher than downtime activities like reading while charging (54%)
“The momentum behind the transition to EVs continues to build, but further accelerating the switch demands an even deeper understanding of consumer behavior,” said Drew Bennett, Executive Vice President of Network Operations, Volta. “The results of this study reinforce the importance of Volta’s network design—eye-catching EV charging stations located steps away from the places people already spend time.”
The value of Volta’s EV charging network design and placement is realized through Volta Media™, a digital, location-based network that engages consumers with dynamic, dual 55” screens. Leading up to Earth Day, Volta is leveraging its media network to encourage drivers to make the switch to EVs. Using provocative and informative infographics, the campaign highlights the financial, technological, health, and environmental benefits of electric transportation.
“Volta’s network does more than make EV charging more accessible, affordable, and inclusive—it has the power to accelerate the shift to EVs, as this campaign demonstrates,” said Justin Moore, Executive Creative Director, Volta. “As a leader in the electric mobility revolution, we have a responsibility to accelerate a rapid transition to a carbon-free energy future for all.”
The campaign will run throughout April 2022 across the Volta Media Network, as well as the company’s Twitter and Instagram accounts. The full suite of campaign assets can be viewed here.
About Volta
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop, and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into people’s daily routines, Volta’s goal is to benefit consumers, brands, and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
