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Automotive
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Automotive
Gas prices have risen $0.40 on average for all grades in the past six weeks, igniting consumer interest in more fuel efficient vehicles. Small car market including hybrids, electric vehicles (EVs) and plug-in hybrids (PHEVs)—soared almost 30 percent to 3.2 percent, its fifth highest month ever. The stars would seem to be well-aligned for EV and PHEV sales to take off, but that has not yet happened. Hybrid sales—particularly Toyota Prius —accounted for the bulk of February's momentum. EV/PHEV market share, meanwhile, fell 30 percent in February. The months ahead could see the same stalling momentum as well.
An argument could be made that the current gas crisis came too soon for electric-drive vehicles.
Here's why:
What about you? Will rising gas prices lead you to buy, or at least consider, an EV or a PHEV? If so, why are these issues not a deterrent? If not, which of these issues explains your lack of interest? Are there other factors holding you back?
Posted by Lacey Plache, Chief Economist, Edmunds.com