Over the past twenty years, EVs have gone from concepts to mainstream modes of transportation, accounting for one in four new passenger cars purchased globally last year, making steady progress in displacing diesel trucks and buses, and, in countries that rely heavily on two- and three-wheeled vehicles (think scooters and tuk-tuks), are dominating the market.
The past decades of EV growth occurred when U.S. gas prices were in the $2-$3-per-gallon range. We are now well over $4 per gallon, with diesel topping $5 per gallon. Globally, prices, along with gas and diesel shortages, are straining budgets and economies as people and nations fall victim to the U.S. war with Iran and the subsequent closing of the Strait of Hormuz.
So, it is not surprising to see interest in EVs surging, including here in the U.S., where, despite anti-EV political rhetoric, the proliferation of disinformation, and the ending of favorable EV policies, a booming used EV market is expanding consumer access to affordable transportation. After all, interest in EVs historically coincides with prices at the pump.
What is surprising is the impact the growing EV market is having on the oil industry. That “one-in-four new cars sold globally were EVs” stat I gave earlier means that the global market for gas cars shrank by 25% and, given that over 90% of EV drivers are never going back to gas, is likely gone for good. Big Oil is rapidly losing its biggest customer: the gas tank. And the financial savings and climate benefits from shifting to EVs at scale are beginning to emerge.
Oh, and then there is the well-timed arrival of the Tesla Semi, which is poised to do to the freight-hauling and logistics markets what the Model S did to auto manufacturing: force the rest of the trucking industry to start taking electrification seriously.
Read more below, and as always, let’s connect on LinkedIn!
There Has Never Been a Better Time to Buy a Used EV
The used EV market is scorching hot and setting records! While the new car market continues its pivot from a politically supportive to a politically hostile federal policy landscape, there has never been a better time to buy a used EV — particularly given the availability and price points of quality used models, the surge in public charging station growth (over 30%), and uptick in charger reliability (over 90%). I, personally, am on my third used EV in ten years (Nissan Leaf to Chevy Bolt to Tesla Model Y) and could not be happier with both the money I have saved (approaching $15K in savings) or the greenhouse gas emissions I have slashed (a roughly 80% reduction). Read more.
EVs Displaced 2.3 Million Barrels of Oil Consumption Per Day in 2025
Worldwide, EVs displaced 2.3 million barrels of oil consumption per day last year. That’s a freaking lot of oil. How much? Consider this: 2.3 million barrels per day equals roughly 840 million barrels per year, which is approximately 70% of what Iran exports annually. The volume of those displaced barrels equals roughly 35.3 trillion gallons of gas not burned, which is enough to drive the average 28 mpg American car about 1.26 trillion miles, or almost exactly one-third of total annual U.S. vehicle miles traveled. Shifting 1.26 trillion miles to electric saves 189 million metric tons of CO₂, the equivalent of shutting down roughly 50 average U.S. coal power plants for a year. Like I said, a freaking lot. Read more.
The Tesla Semi is Ready to Disrupt the Trucking Industry
Will the Tesla Semi do to trucking what the Model S did to cars? It appears the Tesla Semi is ready for primetime, with orders coming in and manufacturing ramping up to 50,000 units annually — offering 500 miles of range at an industry-leading $290K price tag. Plus, following the successful Supercharger playbook for its cars, Tesla is installing chargers for the Semi capable of adding 300 miles in 30 minutes while drivers take their mandatory half-hour breaks. Just like it took a pure EV manufacturer taking market share away from legacy automakers to spur an industry shift to light-duty EVs, it’ll take the same for legacy truck manufacturers to get off the dime. Read more.
Want to join the EV conversation? Let’s connect on LinkedIn!
