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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

Kia EV6 and Niro

The Kia EV6 on display at the New York Auto Show, April 13, 2022.

Scott Mlyn | CNBC

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

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

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