Since the national average for a gallon of gasoline is $4.59, some Americans may be tempted to go all-in on an electric vehicle (EV) to save some of their hard-earned cash at the pump.
However, as reported by CNBCfinding a new EV to buy may be easier said than done.
“National vehicle inventory levels – including EVs – were depleted during the pandemic due to a combination of pent-up demand and supply chain issues,” writes the business news. “Drivers looking to buy an EV today may have to wait months or more for the cars to be delivered.”
According to a recent Cox Automotive reportThe nationwide supply of all new vehicles at the end of last month was 40 percent lower than in the same period last year, meaning there were about 800,000 vehicles under supply in April 2021 and 2.2 million under 2020.
But this doesn’t mean EV companies have stopped taking orders.
“Many of the latest EVs, including the Ford F-150 Lightning, GMC Hummer EV, Rivian R1T and Lucid Air, have backlogs of orders and reservations,” notes CNBC. “Even Teslathe market leader in EV sales, said some new orders won’t be fulfilled until the summer of next year, depending on the vehicle model.”
The report also pointed out that EV buyers might have better luck focusing on models from General Motors, Ford, Hyundai Motor and Kia.
Despite the tight supply of available EVs, registrations for new EVs rose by 60 percent in the first three months of this year, according to the report. Automotive News†
Tesla vehicles had the most new EV registrations with 113,882, accounting for nearly 60 percent of EVs registered during that period. Kia came in second with 8,450 entries, followed by Ford with 7,407 and Hyundai with 6,964. EVs now account for a record high of 4.6 percent of the total market.
Such EV numbers were indeed impressive, but senior car reporter Pras Subramanian at Yahoo Finance argued that more progress needs to be made in infrastructure and affordability to make these vehicles even more mainstream.
“More needs to be invested in charging infrastructure here in the US to mitigate concerns like range anxiety that plague many would-be EV buyers,” he explains.
“Perhaps the biggest barrier to using electric vehicles is the vehicles most Americans can afford. Kia’s EV6 ($40,900) and Hyundai’s Ioniq 5 ($39,950) are reasonably priced EVs, as is Volkswagen’s ID.4 ($41,955), but there aren’t that many EVs in that price range,” adds Subramanian.
Ethen Kim Lieser is a Washington State-based Finance and Tech Editor who has held positions at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him LinkedIn†