As Iran War Rages, Car Buyers Shifting Priorities in US, Europe
Summary
The ongoing war in Iran is causing fuel prices to rise sharply in the U.S. and Europe. This increase is leading more car buyers to consider electric vehicles (EVs), boosting sales and interest in both new and used EVs.Key Facts
- Fuel prices rose 15-28% in the U.K. and about 60% in the U.S. this year.
- The average gasoline price in the U.S. is $4.51 per gallon; diesel costs over $5.60 per gallon.
- Toyota’s electrified vehicle sales in North America increased by 11.2% year-over-year and now make up 55.8% of their total sales.
- Interest in EVs is increasing in Europe, with sales up 39% year-to-date, but this has not yet led to a big jump in new orders.
- Europe offers around 400-500 different types of battery-electric vehicles, about five times more than the U.S. market.
- Used EV demand is growing, especially for models like Tesla Model Y and Model 3, Nissan Leaf, and Rivian R1S, as lease returns add affordable options to the market.
- Challenges for EV adoption include higher vehicle prices, limited charging stations, and concerns about lower resale values.
- There are reports of a potential shortage of synthetic lubricants needed for newer vehicles, which could increase maintenance costs.
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