Will Rising Gas Prices Skyrocket Electric & Hybrid Car Costs?

Will Rising Gas Prices Skyrocket Electric & Hybrid Car Costs?

This relates to macroeconomics and of course as of writing (June 2022), we are facing major inflation. Therefore, the rise in prices is not exclusive to electric/hybrid cars but all commodities. That said, the rising prices of fuel/gas would not affect the prices of EVs and hybrids. This is a great opportunity for manufacturers for getting more customers to embrace the more environment-friendly option. So, even though the natural incremental rise in prices is evident, it will be very unlikely to “skyrocket”.The following two infographics provide very interesting insights. The first one clearly shows a very high adoption of hybrid and electric cars in the US. Whereas the second chart shows a natural rise in forecasting EV and Hybrid prices.

Hybrid Vehicles Sales Are Taking Off

Hybrid Vehicles Sales Are Taking Off
Source: Statista (DoT)

Electric Cars Sales Prediction

US electric vehicles Sales Prediction

To conclude, it would be natural for Electric Vehicles and Hybrids to rise in prices like all years, but it is unlikely to “skyrocket”. The rise in gas prices has zero to no play in the overall price hike, rather R&D, and manufacturing costs play a role here. 

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