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Surge in Electric Vehicle Sales Driven by Persistently High Gas Prices

Detroit, MI - Electric vehicle (EV) sales have accelerated rapidly in recent months as gas prices across America linger at historically elevated levels. Leading EV automakers including Tesla, Lucid, and Rivian have seen demand for their electric models skyrocket. Tesla produced over 405,000 vehicles last year, a nearly 35% increase compared to 2021.Lucid's reservations jumped by more than 50% in the second half of 2022. Rivian's new R1T truck saw wait times extend to over nine months as orders poured in. “The spike in gas prices to over $4 per gallon nationally is causing more consumers to pull the trigger on going electric,” explained Michelle Krebs, senior analyst at Autotrader. “The long-term fuel savings make EVs financially viable even if sticker prices remain higher.”
Government incentives have provided an extra catalyst driving EV adoption upwards. The recently enacted Inflation Reduction Act boosted EV tax credits to $7,500 for qualifying purchases. Total savings after accounting for state rebates can reduce the effective cost of EVs by $10,000 or more for many buyers. “Incentives are accelerating EV demand - it’s clear as day if you look at the order activity this year,” said EV analyst Dan Ives of Wedbush Securities. “The IRA will go down as a pivotal point in the US EV revolution.”
Industry observers predict the EV takeover has reached a tipping point, estimating electric vehicles could surpass 50% of total auto sales before the end of this decade. With improved battery ranges and lower MSRPs on the horizon, momentum for the EV takeover shows no signs of fading anytime soon.

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