The leading US car market reported an increase of 173 percent in EV interest and believes EV makers cannot meet demands due to low inventories.
The EV market is at a crossroads it never thought it would be. Users are not showing interest in electric cars because they are environmentally friendly but because they represent costs savings, energy independence and a convenient alternative. As a result, EV makers worldwide, Kia, VW, Ford, GM and others, are investing billions in new plants to increase production, but it will be years before they are operating at full capacity.
Cars.com reports a 173 percent increase in EV searches from February 24 to March 25. The trend almost doubles the total for last year. However, the leading car market warns that EV purchases are “extremely limited” due to low inventory and limited supplies. Cars.com linked the American increase in EV interest to the Russia-Ukraine war and rising gas prices.
EV Low Inventory And Demand
According to Green Car, 6.4 million electric vehicles and hybrid vehicles were sold in 2021. If the trend of a 173 percent increase in EV interest reported by Cars.com translates to orders, EV makers will have to deliver an overwhelming 17.4 million EVs this year . The top global EV producer, Tesla, does not currently come even close to that mark. The company produced one million EVs last year, and with the newly inaugurated Gigafactory in Berlin, it expects to double its production. Volkswagen, the second-largest EV producer, is also way behind in making a dent in the projections for global demands. As reported by InsideEvs, VW can produce about one million EVs and is working to keep up with Tesla.
Cars.com says that 55 percent of non-EV owners are considering buying an EV, and two-thirds are thinking about switching to electric if gas prices continue to rise. The website further says that Georgia, Virginia, Pennsylvania and Arizona are the states that do not have the EV inventory to meet demand, and California, Florida, Texas and Illinois are where the strongest interest in EVs is found. While the top all-electric brands continue to ramp up production, it has become evident that they were unprepared for the events that are driving this demand. As a result, companies could lose millions of EV sales due to low inventory, delays and costs.
Next: The Ford F-150 Lightning EV Could Be A Bestseller For Range And Affordability
Source: Business News, Green Cars, Insideevs
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