Fluctuating gas prices in the US: a chance for EVs?

With nearly 40 percent of US respondents saying they would still not consider an electric vehicle even if gas prices were as high as six dollars per gallon – what are the implications for the automotive industry?

Gas prices were on a roller coaster last year in the US. After hitting record highs in March 2022, gas prices surged even higher.

The US national average eventually reached five US dollars per gallon in June 2022. While gas prices began to decline shortly after this, several regions in the US saw another record high in October, keeping Americans on the edge of their seats.

For many individuals, the prospect of gas savings and a lower cost of ownership is enough to consider switching from traditional ICEVs to EVs. And with some consumers becoming more environmentally conscious and drawn towards sustainability, these constant changes in gas prices serve to make EVs a viable option for more and more consumers.

However, nearly 40 percent of US…