Electric car market surges in demand in response to record fuel prices
As fuel prices continue to soar to record levels, there has been a resurgence in consumer demand for electric vehicles (EVs), with the volume of enquiries for both new and used EVs reaching record levels over the weekend.
This is according to Auto Trader, and their automotive marketplace’s data also revealed that Kia and Hyundai that have been the most successful brands to make the transition to electric.
The proportion of electric cars viewed had dropped from 26% in late September 2021 when the fuel crisis took hold, to just 16% in February this year.
However, since prices at the pumps started to spike in recent weeks due to the Russian invasion in Ukraine, so too has consumer interest in electric cars.
EVs now account for more than one in five (22%) of all new advert views, whilst the volume of enquiries sent to retailers through Auto Trader shot up at the weekend to an all-time high of 30.7%. In just a week, the volume of advert views for new EVs has increased 30%.
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Although the average new EV costs around 35% more than a petrol or diesel equivalent, the premium European manufacturers are losing out to their volume competitors, making up four of the top five most in demand electric cars on the marketplace.
Kia is setting the pace with its EV6, which is the most popular electric vehicle on the marketplace. Its South Korean rival, the Hyundai IONIQ 5, is ranked the fourth. Kia’s EV6 appeal puts them above the BMW’s iX, which sits third, and the sixth-placed Mercedes-Benz’s EQA.
According to the Society of Motor Manufacturers and Traders (SMMT), one in every eight cars sold so far this year is either a Kia or a Hyundai.
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