Soaring Gas Prices Boost Buyers of Electrified Vehicles – Green Fleet

Purchases of electric vehicles have soared 73% since January, before gasoline prices began their ascent.

Source: Cox Automotive

Prices for dGas hit a record high of a national average of $4.67 on June 1, prompting consumers to consider smaller, more fuel-efficient electric vehicles, hybrids and gas-powered models.

According to a Cox Automotive analysis of buying behavior on its Kelley Blue Book and Autotrader websites:

  • Purchases of electric vehicles have soared 73% since January, before gasoline prices began their ascent.
  • Purchases of hybrids increased by 25% over the same period.
  • Purchases of more fuel-efficient gasoline-powered models, such as small and medium cars, increased by 33% during this period.

The popularity of electrified vehicles was evident in May sales reports released by some automakers.

  • Toyota and Lexus have together sold more than 46,000 electrified vehicles, mostly hybrids and plug-in hybrids. That was down from the more than 58,000 sold last May due to inventory shortages, representing a higher percentage – 26% – of Toyota’s total sales.
  • Kia announced that sales of its Niro family of hybrid, plug-in hybrid and electric models recorded the best sales ever in May, up 28% from the previous record set in 2021. In total, sales of Kia electrified models increased by 132%.
  • Hyundai sold 1,918 units of its new Ioniq 5 EV in May.

The smaller, more economical Ford Maverick pickup truck topped sales of the larger Ford Ranger for the second month in a row, and more than half of Mavericks sold in May featured the hybrid powertrain.

Despite increased purchases, consumers will struggle to find a hybrid due to low inventory. As of mid-May, the days supply for hybrids was among the lowest at 23, compared to the overall supply at 35, according to Cox Automotive’s analysis of vAuto’s available inventory data. Compact car inventory was even lower at 19 days of supply.

Originally posted on loaded fleet

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