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Hybrid and EV Sales Up With Gas Prices - DrivingScene

Categorized | News

Hybrid and EV Sales Up With Gas Prices

Posted on 06 April 2012 by Adam Kaslikowski

As gas prices rise, so do sales of electric and hybrid vehicles. We’ve seen this dynamic before, and now we’re seeing it again. EVs and hybrids were the fastest-growing segment in the U.S. auto market in the first quarter, according to data compiled by Bloomberg. Sales of those models rose 49 percent to 117,182 vehicles in the first quarter.

With rising prices at the pump, consumers are beginning to see value in paying as much as $5,000 extra for a hybrid, automakers say. “Hybrid interest is peaking and it correlates very well to gas prices,” John Krafcik, chief executive officer of the North American unit of Hyundai, said in an interview. “Our Sonata hybrid sales are fantastic.

What remains to be seen is if we as a population will abandon fuel efficient cars again if/when gas prices sink down from their usual summer highs. We already have a history of flocking away from big SUVs and into smaller cars for a time, only to run right back to large vehicles once prices fell. Have we learned a lesson this time, or is this just the cycle of the American market?

– Adam Kaslikowski

Source: Bloomberg

 

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