The recent increase in gas costs may not have driven buyers away from gas and diesel cars, but it has shifted attitudes toward electric vehicles.
Despite their desire to create more automobiles, they are unable to do so because to supply chain interruptions caused by the Covid-19 outbreak. The invasion of Ukraine by Russia, a major nickel exporter, has compounded these problems.
In the production and assembly of electric cars, nickel, palladium, and aluminum are significant.
They assist in the production of catalytic converters, air conditioner condensers, and other vital automobile components. Nickel is used to create stainless steel and the batteries that power electric vehicles. Batteries determine a car’s range and play a significant part in the vehicle’s performance and security.
These obstacles hinder automobile manufacturers’ efforts to satisfy demand. This has resulted in an unusual situation: the question now is not whether buyers want electric vehicles, but whether auto makers can fulfill demand.
This new dynamic is reinforced by signals from the second-hand market.
“This has shifted a lot of people who were fascinated by electric or somewhat interested in electric but hadn’t made a choice,” said Pat Ryan, CEO and creator of CoPilot. CoPilot keeps track of costs at vehicle dealerships around the country.
“They’re going to come out of this crisis with a far larger market eager to buy electric cars,” Ryan said.
The market is catching up.
The Covid-19 epidemic, along with rising petrol prices, persuaded many interested customers to switch to electric vehicles, according to Ryan.
“If you look at how many electrics were sold in the United States in 2001, it was a real issue of whether we were going to deliver a lot more electrics than demand,” Ryan remarked. “I believe demand is now beginning to catch up with supply.”
Because Elon Musk’s company is currently operating four vehicle plants at the same time, the wait to acquire a car at Tesla, the market leader, is shorter. However, delivery times are still long. The Model Y SUV, one of Tesla’s best-selling vehicles, will only be delivered between October 2022 and January 2023 if you purchase it now.
Surprisingly, robust demand is occurring even as manufacturers continue to boost prices in order to maintain profits in the face of rising raw material costs. In other words, the high cost of electric vehicles does not appear to be deterring purchasers.
Affluent and Forward-thinking Clientele
According to CoPilot, the similar trend can be seen in the used car market, where Tesla vehicles are in great demand and account for more than 55 percent of available used electric vehicles.
While high costs benefit Tesla and Tesla car vendors, they do not expand the electric vehicle consumer base. According to CoPilot, this consumer is still rich, progressive, urban, and suburban.
“It tends to be people who are environmentally conscious, college educated,” Ryan said. “So there’s a real chance that we find that electric vehicles are going to find greater adoption in the luxury market.”
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