Electric vehicles are in short supply. Here’s what you can find as gas prices soar
As gas prices hit record highs, some Americans might be tempted to go electric and ease the pain at the pump. But finding a shiny, new electric vehicle might not be so easy.
National inventory levels of vehicles — including EVs — were depleted during the pandemic by a combination of pent-up demand and supply chain problems. Drivers looking to buy an EV today might have to wait for months, or more, before the cars are delivered.
And yet, rising fuel prices continue to plague both businesses and consumers, with the national average for gas hitting a record $4.59 a gallon, according to AAA. The rise in fuel costs — a 51% spike from a year ago — comes ahead of a summer travel season that’s expected to be bustling, and at a time when decades-high inflation is stoking recessionary fears among investors.
The low availability of vehicles, including EVs, has been driven in part by supply chain problems — most notably a shortage of semiconductor chips since early 2021 — that have led automakers to idle plants, leaving fewer cars and trucks available for consumers.
Cox Automotive reports the supply of all new vehicles at the end of April was down 40% from the same period a year earlier to 1.13 million unsold cars and trucks. That’s about 800,000 vehicles below supply in April 2021 and 2.2 million below 2020.
Legacy automakers and electric-vehicle start-ups alike reported modest production volumes to start the year, though they expect waning supply chain restraints to help boost EV production during the second half. For now, EVs are still in short supply and are expected to be for the foreseeable future.
Many of the newest EVs — including the Ford F-150 Lightning, GMC Hummer EV, Rivian R1T and Lucid Air — have backlogs of orders and reservations. Even Tesla, the industry leader in EV sales, said some new orders won’t be fulfilled until the summer of next year, depending on the vehicle model.
Still, some EV models might be easier to score right now, according to industry data compiled by CNBC from sources including automakers, Cox Automotive and the Automotive News Data Center. They include a handful of models from General Motors, Ford, Hyundai Motor and Kia.
Vehicle availability can change quickly and varies by region — those on the coasts may not struggle as much to find an EV. Some vehicles may also be “in transit,” or on their way to dealers, and available to order, depending on the company or dealer.
But given the tight supplies and growing demand, analysts say people should expect to pay the manufacturer’s suggested retail price, if not more. Pricing excludes any state or federal tax incentives that might be available for buying an EV.
