EV and hybrid vehicle sales on the rise as consumers see reasons to go electric
Share Now on:
The Colonial Pipeline is slowly resuming operations, but there are still shortages at gas stations in parts of the Southeast. And nationwide gas prices are averaging over $3 a gallon for the first time in years.
It’s just another thing making car ownership a little more expensive. Prices for new and used cars are on the rise themselves.
So, could any – or all – of those factors push more people to buy electric or hybrid cars?
There’s no way to know yet if the Colonial Pipeline hack could push more people toward electric cars or hybrids, but Sam Fiorani at AutoForecast Solutions said “buyers are looking for any reason to switch over to electric vehicles, they’re in the news and everybody’s interested in them.”
And, with gas station shortages and rising gas prices also in the news, Fiorani adds, “if you’re forward-thinking, you think, ‘This could happen at any time, this makes switching to an EV a plus.'”
More and more people are switching over to electric vehicles and hybrids anyway, said Michelle Krebs, at Cox Automotive.
“The tipping point is here,” she said.
Electric cars are still a small percentage of the market, but sales rose 45% in the first quarter of the year. And hybrid sales went up 105%. Krebs said that’s partly because there are a lot more to choose from.
“There are more electric vehicles coming on the market all the time. There are more hybrids coming on the market all the time,” she said.
And there are also a growing number of places to charge them.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.