High Gas Prices Boosting Interest In EVs, But Will Sales Follow
Rising gas prices due to the war in the Middle East have sparked increased interest in electrified vehicles, with a 25% increase in views on new EV listings on CarGurus.com. However, this interest may not translate to sustained sales of battery electric cars, as consumers tend to revert to large SUVs and pickup trucks when gas prices decrease.
The war in the Middle East has led to a surge in gas prices, prompting consumers to explore electrified vehicles. According to CarGurus.com, views on new EV listings have increased by 25% since March. However, this interest may not lead to a significant boost in EV sales. Historically, consumers have reverted to large SUVs and pickup trucks when gas prices decrease. EV sales have been down since the $7,500 federal income tax credit was discontinued. Despite this, hybrids have seen a growth in sales, with a record 26% share of the US market. A glut of pre-owned EVs is expected to hit the market, offering an opportunity for consumers who cannot afford new electric vehicles.
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