Electric

Demand Increases for Hybrid, Electric, and Economy Cars Amid Surge in Gas Prices

Used car prices are up 35.0 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest analysis of 1.8 million used car sales in February. This is down from a 36.9 percent increase in January.

“After coming down slightly in February, used car prices remain elevated due to lingering supply constraints, and they are expected to rise again due to geopolitical factors as Russia is a key supplier of materials used to make car parts and microchips,” said iSeeCars Executive Analyst Karl Brauer. “We are also seeing a significant increase in demand for used hybrid and electric vehicles as a result of high gas prices, with the cost of hybrids increasing by 46.9 percent and electrics increasing by 43 percent compared to last year.”

Although the average used car has significantly increased in price, iSeeCars’s analysis also found some vehicles

Read More

2022 World Car Of The Year’s Three Finalists Are All Electric Crossovers

Crossovers of all shapes and sizes are in high demand right now and it seems the very best ones are electric. The three finalists for the World Car of the year competition have been announced and they’re all sporty electric high riders – Ford Mustang Mach-E, Hyundai Ioniq 5 and Kia EV6.

The latter has already been crowned (European) Car of the Year for 2022, so its presence among the top three is not surprising. Hyundai Ioniq 5 is equally talented and geared more towards comfort, but its polarizing design is not as unanimously appreciated as the Kia’s. The Mach-E is a direct rival to the talented Korean duo and together they also suggest which size segment is the most hotly contested.

Looking through the different categories where three finalists have been revealed, the Hyundai pops up again twice, in World Electric Car of The Year,

Read More

As prices top $4 a gallon, should you consider an electric vehicle? One consideration: They’re more expensive to insure and repair. Here’s why.

Not only are electric-vehicle sticker prices higher on average than comparable cars and SUVs with traditional internal-combustion engines (ICE), the cost to insure an EV outruns its gasoline-guzzling cousins.

Is that because it’s challenging a 100-year-old auto market, and an even older insurance industry with specialized technology? Or because it’s the Roadster, whose speedometer tops out at 250 miles per hour?

The answer is, well, both.

That’s because insurance premiums are built on damage and repair histories, which for EVs is small, yet expanding. EVs are, in many ways, more simply built, with less components, than traditional cars.

But the experts allocated to fix them are still getting up to speed. And parts —semiconductor chips, for starters — can be hard to source, or are subject to trade conditions, even before COVID-19 supply-chain issues disrupted the flow of goods.

“There’s a lack of data or experience with insuring and

Read More

Nissan plant will build new electric vehicles in Mississippi

The Japanese car manufacturer Nissan announced last month it will spend half a billion dollars to upgrade its facility and workforce at its Canton plant, with the goal of building two new all-electric models by 2025.

“For nearly two decades, Mississippians have kept our state at the forefront of the world’s automotive industry,” Gov. Tate Reeves said. “The announcement that Nissan Canton is shifting some production to EVs (electric vehicles) further positions Mississippi as a leader in this crucial economic sector.”

But it’s less likely Mississippians will be driving those cars compared to drivers in the rest of the country. Mississippi has, per capita, the lowest number of electric cars registered of any state, according to U.S. Census and Department of Energy data.

Policymakers and businesses around the U.S. are trying to jolt the electric car industry, with the hopes of emitting less carbon into an already warming atmosphere.

Read More