High gas prices are pushing electric car sales to a tipping point 📝 nik_popli
A Tesla car is charged at electric vehicle charging pod point at Trentham Estate on December 10, 2021 in Stoke on Trent, England.hen Eric Dirksen received his first electric car in December—a new Tesla Model Y—he didn’t know gas prices would spike a few months after. But with fuel costing about $4.20 per gallon on average this week, he’s happy with the decision.
An unreleased report from CarGurus, an automotive research and shopping firm, shows that 53% of active shoppers say they are considering a more fuel-efficient vehicle in response to high gas prices. The data, shared with TIME, looks at consumer sentiment toward electric vehicles based on an online survey of 2,176 U.S. automobile owners at various points this year. It finds that 40% of Americans now expect to own an electric car in the next five years, up from 32% in February and 30% last year.
Tesla, the largest electric vehicle manufacturer, generated a record profit of $3.32 billion in the first three months of 2022, with sales of its vehicles jumping roughly 80% from last year. German automakers Volkswagen and Mercedes also reported a bump in sales for their electric vehicle fleet, up 65% and 37%, respectively.
That interest in EVs is also impacted by supply chain problems, particularly shortages of items like lithium-ion batteries and semiconductors, which are making it difficult for consumers to ride home in a new electric vehicle. For almost a year, long wait lists for electric vehicles have been common, and the war in Ukraine has further disrupted production.
But although carmakers are raising their prices, consumers still appear to want electric vehicles. “Two-thirds of people say that they agree EVs are the way of the future,” Chapman says. “They seem somewhat inevitable.” Experts say it will take time, as less than 1% of the 250 million cars on the road today are electric, but high gas prices could be one way to encourage switching.
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