If you think of these gas price are too much to afford, everyone feels that way. You’re not alone. But many find the solution is to switch to an electric vehicle to beat the high gasoline prices. The problem with that is that you can’t, despite the increase in electric vehicle production. There are not any.
Electric vehicle adoption was ramping up before gasoline spikes
First, electric vehicle sales have slowly increased as people become familiar with the change. Wanting to be ahead of the trend, or because they want to reduce their carbon footprint, many have adopted to change. Early adopters were large enough to have purchased existing supplies. Sales of electric vehicles in 2021 doubled those of 2020, worldwide.
But now, with soaring gasoline prices putting the idea of an electric vehicle in better perspective, besides the lack of inventories, orders are also increasing. So you will have to get to the bottom of the line. And it could be years before you see your gas price fix. Edmunds reports that between mid-February and today, purchases of electric vehicles on its website have increased by 84%. In just one month!
As we have seen in recent years with soaring gasoline prices, consumers are changing gears. Fuel efficiency is becoming a dominant consideration when purchasing a new vehicle. It’s a natural reaction, and we’re already seeing it happening now.
Invasion of Ukraine will have a cascading effect on EV production
And there are other issues blocking the production of electric vehicles. Russia’s invasion of Ukraine and gas prices are just two of them. There is now a cascading effect on electric vehicle production. Supply chains have been interrupted due to the war. But supply chains were already stretched due to COVID-related shutdowns and a smaller pool of assembly workers.
The main problem looming is that some of the precious metals needed for all these batteries come from Russia. Palladium, lithium, cobalt are just some of the elements needed for batteries, as well as catalytic converters. So expect a slowdown in new gas-powered vehicles soon.
President Biden is accelerating solutions to some of these issues
The Biden administration is aware of these issues and is addressing them now. It speeds up the production of these and other issues like microchip production. But it still takes time to ramp up production of something that big.
For those who are looking to make the switch but find it can take years to get what you want, there are things you can do. First, drive less. Obviously, the less gas you use, the less you will have to buy. And work-from-home alternatives save fuel for other occasions, as does using public transport when you can.
Currently, this is not a quick fix. And selling your gas-powered vehicle in mint condition also poses some environmental issues. It took energy, materials and hours of work to create. That’s a lot of carbon that’s created. Rejecting it down the line ignores these costs.