If you’re thinking these gas prices are too much to afford, everyone feels that way. You’re not alone. But many find the solution is switching to an electric vehicle to beat the high price of gasoline. The problem with that is that you can’t, in spite of increasing EV production. There are none.
EV adoption was ramping up before the gas spikes
First, EV sales have slowly ramped up as people become familiar with the change. Wanting to be ahead of the trend, or because they want to lessen their carbon footprint, many have adopted to the shift. The early adopters have been large enough to have bought existing supplies. Sales of EVs in 2021 doubled those of 2020, worldwide.
But now, with spiking gas prices putting the idea of an EV in better perspective, besides the lack of inventories, orders are spiking as well. So you’ll have to get to the back of the line. And it could take years until you see your gas price solution. Edmunds is reporting that between mid-February and now, EV shopping on its website has increased 84 percent. In a single month!
As we have seen in years past during price escalation for gas, consumers shift gears. Fuel efficiency becomes a dominant consideration in purchasing a new vehicle. It is a natural reaction, and we’re already seeing it happen now.
The invasion of Ukraine will have a cascading effect on EV production
And there are other issues body-blocking EV production. The Ukraine invasion by Russia and gas prices are just two of them. There is now a cascading effect on electric vehicle production. Supply chains have been halted due to the war. But the supply chains were already stretched from COVID-related shutdowns and a smaller pool of assembly workers.
The main looming problem is that some of the precious metals needed for all of those batteries come from Russia. Palladium, lithium, cobalt are just some of the elements needed for batteries, and also catalytic converters, too. So expect a slow-down for new gas-powered vehicles soon.
President Biden is fast-tracking solutions to some of these issues
The Biden administration is aware of these problems and is addressing them now. It is fast-tracking the production of these elements and other issues like microchip production. But it still takes time to increase the production of anything this large.
For those looking to make the switch, but finding it might take years to get what you want, there are things you can do. First, drive less. Obviously, the less gas you consume, the less you’ll need to buy. And work-from-home alternatives save fuel for other occasions, as does using public transportation when you can.
Right now, it is not looking great for a quick solution. And selling your perfectly good gas-powered vehicle has certain environmental issues as well. It took energy, materials, and man-hours to create. That is a lot of carbon that is created. Kicking it down the line ignores those costs.