Will Rising Gas Prices Create A Surge Of Electric Car Sales?

Will Rising Gas Prices Create A Surge Of Electric Car Sales?

A future where everyone converts to electrical, or hybrid transportation may come sooner than you think. With rising fuel costs, advanced automotive technologies, and changes in legislation, there is a shift trending with car manufacturer’s inventory. Those who don’t get on board and convert their fossil burning cars over to electrical will likely be left behind and could face financial hardships or bankruptcy. We have compiled a partial list of auto manufacturers who have already gotten on board and pledge to have their entire fleet replaced with zero emissions by 2040.

American Honda Motor Company – Honda has jointly partnered with Japanese technology company, Sony, and will launch their first electric car together in 2025. Honda Motor Company has further announced that 40% of their car sales will be completely electrical by 2030 and 80% will make up their inventory by 2035.

By 2040, fuel burning cars will no longer be manufactured by Honda.

BMW – BMW of North America began selling their i3 electric city car in 2014. BMW plans to bring nearly a dozen new electric vehicles into the marketplace by 2025.

Ford Motor Company – Ford plans to introduce an electric version of the F-150 pickup, called Ford F-150 Lighting and will be available for sale sometime in the Spring of 2022. Ford states that it will produce more than 2 million electric vehicles annually by 2026 which will will make up half of their auto sales by 2030.

General Motors – GM has been building electric vehicles since the late 1990s and aims to have 20 different electric vehicles available in the US by 2025, with a completely electric inventory by 2035.

Hyundai – Hyundai has committed to being completely carbon neutral by 2045. Hyundai built its first electric car in 1991.

Currently, Hyundai offers the Kona Electric car, the fully electric battery version of the Kona.

Mazda – Mazda began joining the electrical revolution in the Fall of 2021 with the introduction of their MX-30 SUV. Mazda has gotten some pushback about the MX-30 SUV small battery size and range though, with their car only providing a range of 100 miles. In comparison, other electric vehicle manufacturers are building cars that offer a 300 – 500+ mile range.

Mercedes-Benz – The Mercedes-Benz automaker is taking an aggressive approach to converting their inventory to 100% electric and states that they will convert to becoming 100% electrical by 2025. By 2025, Mercedes will be offering three distribution platforms to sell their small, medium and large electrical vehicles from.

Subaru – Subaru has announced that they will offer some form of electrification in all their models by 2025. Subaru has also partnered with Toyota to build the Solterra all-electric car that will be available for purchase in the United States, Canada, China, Europe, and Japan in 2022.

Nissan – Nissan has already sold half a million electric vehicles since 2012. Nissan’s Ariva, a small electric SUV is scheduled to go on sale in the Fall of 2022. By 2030, Nissan announced it will launch 23 electric models to be sold worldwide by 2030. By 2050, Nissan has pledged to be 100% carbon neutral.

Tesla – Tesla Motors, the innovator of electric vehicles and driver assistance technologies, launched the first Roadster in 2008, followed by the Model S, and the Hatchback Model X SUV. Tesla is known to manufacture cars with the most impressive driving range, meaning that the tesla batteries can

last up to a 500-mile range after being charged, while most other electric vehicles have a 50 – 330-mile range.

Toyota – Toyota Motors have been building hybrid cars starting with the Prius since 1997. Since that time, Toyota has sold more than 6 million hybrid cars. Toyota announced that Lexus, their luxury brand will be 100% electrical by 2030, with plans to launch an electric sports car with a 400-mile range.

Kia, Jaguar Volkswagen, Volvo, and Stellantis and other major car manufacturers are on a similar trajectory, with plans to stock hybrids or exclusively electric vehicles by 2030.

What does the mass adoption of going all-electrical mean for consumers? With fewer fossil burning cars being manufactured, will you still be able to find parts for your older fossil burning car? Will gas stations go out of business and if not, how difficult will it be to locate a gas station near you? It is likely that gas prices will become extraordinarily high to make up for plummeting gas sales.

Although no one knows the future, consumers tend to adapt to new trends when goods are both economically affordable and technologically advanced. By adding more electric vehicles to the supply chain, the cost for electric cars and electric car parts will also likely decrease as the supply for technologically advanced car parts increase. As electric cars continue to offer longer driving ranges along with improved auto-driver capabilities, we may see electric vehicles dominate the roads sooner than what automakers have even projected.

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