Moskvich 3000: every third person is ready to convert his car into an electric car

Motivation to switch to electric fuel is low maintenance costs and government subsidies. According to the platform for the sale and purchase of cars by Avito Auto and the Renaissance Insurance Group (MOEX: RENI), 38% of respondents are ready to pay up to 500 thousand rubles for the re-equipment of a car.

Every third Russian (31%) wants to switch to an electric car right now. Zoomers (49%), young people aged 18-24 show the greatest interest in such a transition. The Russians are ready to convert their car into an electric car. The motivation is environmental friendliness (49%), low cost of charging (48%), car safety on electricity (34%).

Almost half of Russians (45%) are ready to invest their own money in updating a car and converting it to electric fuel. One third of respondents (38%) are ready to spend up to 500 thousand rubles. For more impressive amounts — from 500,000 to 1 million — only 5% of Russians decide.

According to the Renaissance Insurance Group, in the first six months of 2023, sales of hull insurance policies for electric vehicles grew by almost 3 times (+185%) to the amount of 48 million rubles. Interestingly, in January-July 2022, demand growth was 240% compared to 2021. Such statistics can be explained not only by savings in operating costs and the trend towards reducing the negative human impact on the environment, but also by the fact that risks specific to electric vehicles began to include in the hull program only at the beginning of last year. The share of insured electric vehicles in the fleet is currently not so impressive, 0.77%. But if you look at this indicator in dynamics, then in recent years it has grown by 2-3 times. Next year, the share may well approach 1.5-2%, and in 5-7 years, we predict an increase in this figure to a serious 5-7%. Since already now, according to Avtostat, 4.4 thousand new electric vehicles have been bought in Russia, which exceeded last year's figure for the first half of the year by 3.5 times Sergey Demidov Vice President for Auto Insurance at Renaissance Insurance

In 2024, Avtotor plans to convert 5,000 used foreign cars into electric vehicles. This measure is expected to help drivers save up to 100,000 rubles on repairs and maintenance. in year. 30% of Russians are ready to switch to an electric motor, as they consider this an opportunity for a budget transition to electric fuel. 28% of respondents want to receive subsidies from the state in this way and zero the transport tax. Another 19% are just used to their car and do not want a new one, so they would be happy to convert it to electric fuel.

Russians consider Japanese (60%), German (49%) and Korean (29%) cars to be the most reliable for operation after the update. Domestic brands are mostly trusted in the Urals (19%), Southern (18%) and Volga (17%) federal districts.

Methodology

The survey involved 10,000 respondents aged 18 years and older living in million cities. The study was conducted by online questionnaire in July 2023.