Electric vehicles are in short provide. Here’s what you can find as gas prices soar
Charging port for a Ford Motor Co. Mustang through the Washington Auto Show in Washington, D.C., on Friday, Jan. 21, 2022.
Al Drago | Bloomberg | Getty Images
As gas prices hit document highs, some Americans is perhaps tempted to go electrical and ease the ache on the pump. But discovering a shiny, new electrical automobile may not be really easy.
National stock ranges of vehicles – together with EVs – have been depleted through the pandemic by a mixture of pent-up demand and provide chain issues. Drivers trying to purchase an EV at this time might need to attend for months, or extra, earlier than the automobiles are delivered.
And but, rising gasoline prices proceed to plague each companies and customers, with the nationwide common for gas hitting a document $4.59 a gallon, in keeping with AAA. The rise in gasoline prices — a 51% spike from a year in the past — comes forward of a summer season journey season that is anticipated to be bustling, and at a time when decades-high inflation is stoking recessionary fears amongst traders.
The low availability of vehicles, together with EVs, has been pushed in half by by provide chain issues – most notably a scarcity of semiconductor chips since early 2021 – which have led automakers to idle vegetation, leaving fewer automobiles and vehicles obtainable for customers.
Cox Automotive reviews the availability of all new vehicles on the finish of April was down 40% from the identical interval a year earlier to 1.13 million unsold automobiles and vehicles. That’s about 800,000 vehicles under provide in April 2021 and a pair of.2 million under 2020.
Legacy automakers and electrical automobile start-ups alike reported modest manufacturing volumes to start out the year, although they count on waning provide chain restraints to assist increase EV manufacturing through the second half. For now, EVs are nonetheless in short provide and are anticipated to be for the foreseeable future.
Many of the most recent EVs – together with the Ford F-150 Lightning, GMC Hummer EV, Rivian R1T and Lucid Air – have backlogs of orders and reservations. Even Tesla, the trade chief in EV gross sales, stated some new orders will not be fulfilled till the summer season of subsequent year, relying on the automobile mannequin.
Still, some EV fashions is perhaps simpler to attain proper now, in keeping with trade information compiled by CNBC from sources together with automakers, Cox Automotive and the Automotive News Data Center. They embody a handful of fashions from General Motors, Ford, Hyundai Motor and Kia.
Vehicle availability can change shortly and varies by area — these on the coasts might not wrestle as a lot to find an EV. Some vehicles may be “in transit,” or on their method to sellers, and obtainable to order, relying on the company or vendor.
But given the tight provides and rising demand, analysts say individuals ought to count on to pay the producer’s recommended retail worth, if no more. Pricing excludes any state or federal tax incentives that is perhaps obtainable for purchasing an EV.
Here’s the place availability stands for a number of the highest-inventory vehicles, and for a number of the main gamers:
Chevrolet Bolt EV and Bolt EUV
The Bolt fashions are essentially the most extensively obtainable EVs on sale proper now, in keeping with trade information.
GM is in the midst of refilling its dealership pipeline with the EVs after a recall as a result of hearth dangers shut down gross sales and manufacturing for a number of months of the previous year. All obtainable fashions have been repaired and cleared of the defects, in keeping with GM, which expects record Bolt sales this year.
Chevrolet’s website shows thousands of the vehicles – mainly Bolt EUVs – currently available.
The Bolt EV starts at $31,500, with an electric range of up to 259 miles on a full charge. The larger Bolt EUV, which went on sale last year, starts at $33,500 and has a range of 247 miles on a full charge.
Ford Mustang Mach-E
Visitors check on a Ford Mustang Mach-E electric vehicle displayed at a launch event in Shanghai, China April 13, 2021.
Yilei Sun | Reuters
Ford has been encouraging customers to order their vehicles through the dealers, instead of buying off lots, like a majority of their customers have historically done. The process means customers may have to wait for the vehicle, but it assists the company with managing production and ensures customers are getting the exact vehicle they want instead of choosing one from a dealer’s inventory.
There are several thousand Mach-Es in-transit, which should be arriving on dealer lots in the coming weeks and months, according to the company.
Depending on the location, the company’s website indicates hundreds of vehicles might be available. It has closed orders for the vehicle for the 2022 model-year. Orders for 2023 models will open in the summer, with production expected to begin in the fall.
The Mustang Mach-E starts at $43,895. Its range on a single charge is up to 314 miles.
Kia EV6 and Niro
The Kia EV6 on display at the New York Auto Show, April 13, 2022.
Scott Mlyn | CNBC
Kia has been growing its EV sales this year, with nearly 8,000 EV6 vehicles sold through April. For the Kia Niro, which includes an EV model, sales have nearly doubled.
Nationally, the company said it has an inventory, including in transit, of more than 1,000 units each of the EV6 and Niro EV. The EV6 models are more widely available than the Niro EV, which is concentrated in California and other popular EV markets.
Kia outperformed most other automakers in new EV registrations in the U.S. for the first quarter of this year, trailing only Tesla, according to Automotive News, citing Experian information.
Kia’s EV6 begins at $40,900, with a 310-mile electrical vary on a full cost. The Kia Niro EV, which was redesigned for the 2023 mannequin, begins at $39,990 and has an electrical vary of 239 miles on a single cost.
Hyundai Ioniq 5
Hyundai Ioniq 5 on show on the New York Auto Show, April 13, 2022.
Scott Mlyn | CNBC
Hyundai is in ramp-up mode for its Ioniq 5, the model’s latest EV that went on sale late final year.
The company is attempting to get as lots of the vehicles out to sellers as doable, however trade information signifies there are solely lots of of the vehicles obtainable nationally. That’s nonetheless greater than another EVs.
In the New York City space, Hyundai’s web site exhibits practically 200 vehicles obtainable inside 250 miles. In Santa Monica, California, the positioning exhibits a pair dozen of the automobiles obtainable throughout the identical distance.
The Hyundai Ioniq 5 begins at $44,000, with an electrical vary of 303 miles on a single cost.
Lucid Air
People check drive Dream Edition P and Dream Edition R electrical vehicles on the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.
Caitlin O’Hara | Reuters
Those hoping to purchase an EV from newer producers might face even longer waits.
Lucid Group started constructing the company’s first automobile, the Air luxurious sedan, at its Arizona manufacturing unit late final year. Reviews have been constructive and – regardless of the six-figure worth tags on most variations of the sedan – Lucid stated earlier this month that it had over 30,000 reservations for the automobile.
But a lot of these consumers might have to attend a year or extra to get their automobiles.
Lucid’s manufacturing unit can make about 34,000 vehicles a year when it runs at full capability. But the company has stated provide chain points will curb manufacturing to between 12,000 and 14,000 Airs this year.
The Lucid Air begins at $77,400, with 406 miles of vary on a full cost. The top-of-the-line Air Grand Touring presents vary of as much as 516 miles on a full cost, at a beginning worth of $139,000.
Lucid has introduced plans to increase its prices as of June 1.
Rivian R1T and R1S
Rivian electrical pickup vehicles sit in a parking zone at a Rivian service heart on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
It’s the same story at Rivian, which additionally started manufacturing final fall.
The company stated this month it had greater than 90,000 reservations for its outdoorsy R1T pickup and R1S SUV. Its Illinois manufacturing unit has capability to build about 150,000 vehicles a year, together with the R1 fashions and the electrical supply vans that Rivian builds for Amazon.
But the company can also be dealing with provide chain challenges, as effectively as some early manufacturing snags, and expects to build simply 25,000 vehicles in 2022. An order positioned at this time may not be stuffed for a year or extra.
Rivian’s R1T pickup and R1S SUV provide about 260 miles of vary in their base trims, which begin at $67,500 and $72,500 respectively. Larger battery packs that present extra vary — as much as 320 miles on the R1S and 400 miles on the R1T — are obtainable at further price.
Fisker Ocean
Henrik Fisker stands with the Fisker Ocean electrical automobile after it was unveiled on the Manhattan Beach Pier forward of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California.
Patrick T. Fallon | AFP | Getty Images
CEO Henrik Fisker stated he is working with Magna Steyr and suppliers to extend manufacturing capability from 50,000 vehicles a year to 150,000 vehicles a year by the tip of 2024.
Even if the company escapes provide chain challenges, a buyer who orders an Ocean at this time doubtless would not see it till the autumn of 2023 on the earliest.
Fisker’s Ocean SUV can journey about 250 miles on a full cost in its base trim, which begins at $37,499. Larger battery packs providing as much as 350 miles of vary are obtainable at further price.