Electric vehicles are in short supply. Here’s what you can find as gas prices soar

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  • Many of the latest EVs – including models from Ford, GMC, Rivian and Lucid – have backlogs of orders and reservations.
  • According to industry data compiled by CNBC, some models may be easier to find than others.
  • Suppressed demand means people should still expect to pay the manufacturer’s suggested retail price — or more.

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As gas prices hit record highs, some Americans may be tempted to go power and ease the pain at the pump. But finding a shiny, new electric vehicle may not be so easy.

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The national inventory level of vehicles – including EVs – were depleted during the pandemic by a combination of demand and supply chain problems. Drivers looking to buy EVs today may have to wait months or more before the cars are delivered.

And yet, rising fuel prices continue to haunt both businesses and consumers, according to AAA, with the national average for gas at a record $4.59 per gallon. The increase in fuel costs – a 51% increase from a year ago – comes ahead of the summer travel season, which is expected to stir, and at a time when decades of high inflation fueled recession fears among investors. is provoking.

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The low availability of vehicles, including EVs, has been driven by supply chain problems — notably a lack of semiconductor chips since early 2021 — that have prompted automakers to idle plants, leaving fewer cars and trucks available to consumers.

Cox Automotive reports that at the end of April the supply of all new vehicles fell 40% from the same period a year ago to 1.13 million unsold cars and trucks. This is down about 800,000 vehicles from supply in April 2021 and 2.2 million less than in 2020.

Older automakers and electric vehicle start-ups alike reported modest production volumes at the start of the year, though they expect supply chain restrictions to ease to help boost EV production during the second half. . For now, EVs are still in short supply and are expected to be for the foreseeable future.

The latest EVs including the Ford F-150 Lightning, GMC Hummer EV, Rivian R1T and Lucid Air have a backlog of orders and reservations. Even Tesla, the industry leader in EV sales, said some new orders, depending on the vehicle model, won’t be completed until the summer of next year.

Still, some EV models may be easier to score right now, according to industry data compiled by CNBC from sources including automakers, Cox Automotive and the Automotive News Data Center. These include some models from General Motors, Ford, Hyundai Motor and Kia.

Vehicle availability can change rapidly and vary by region – those on the coast may not have to struggle as much to find an EV. Some vehicles may also be “in transit” or on the way to dealers, and may be available to order depending on the company or dealer.

But given tight supply and rising demand, analysts say people should expect to pay the manufacturer’s suggested retail price, if not more. Pricing does not include any state or federal tax incentives that may be available for purchasing an EV.

Here’s availability for some of the highest-inventory vehicles, and for some of the major players:

Chevrolet Bolt EV and Bolt EUV

According to industry data, the Bolt models are the most widely available EVs on sale right now.

GM is in the midst of refilling its dealership pipeline with EVs due to sales and production shutdowns due to fire risks for several months of last year. All available models have been repaired and defects removed, according to GM, which expects record Bolt sales this year.

Chevrolet’s website shows the thousands of 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

Ford said there are currently 1,300 electric Mach-E crossovers on dealer lots, though about 800 of those vehicles have already been earmarked for specific customers.

Ford is encouraging customers to order their vehicles through dealers, rather than buying many, as most of their customers have historically done. This process means that customers may have to wait for a vehicle, but it helps the company manage production and ensure that customers get the exact vehicle rather than having to choose one from a dealer’s list. Used to be.

According to the company, there are several thousand Mach-S in-transit in the coming weeks and months, which will arrive at dealer lots.

Depending on the location, the company’s website indicates that there may be hundreds of vehicles available. It has closed orders for the vehicle for the 2022 model-year. Orders for the 2023 model will open in the summer, and production is expected to begin in the fall.

The Mustang Mach-E price starts at $43,895. It has a range of up to 314 miles on a single charge.

Kia EV6 and Niro

Kia is increasing its EV sales this year, with around 8,000 EV6 vehicles sold till April. For the Kia Niro, which includes an EV model, sales have almost doubled.

Nationally, the company said it has an inventory of over 1,000 units each of the EV6 and Niro EV, which includes transit. EV6 models are more widely available than the Niro EV, which is focused in California and other popular EV markets.

Kia surpassed most other automakers in new EV registrations in the US for the first quarter of this year, only according to Tesla, Automotive NewsCiting Experian data.

Kia’s EV6 starts at $40,900, with a 310-mile electric range on a full charge. The Kia Niro EV, which was redesigned for the 2023 model, starts at $39,990 and has an electric range of 239 miles on a single charge.

Hyundai Ionic 5

Hyundai is in ramp-up mode for its Ioniq 5, the brand’s newest EV that went on sale late last year.

The company is trying to bring as many vehicles as possible to dealers, but industry data indicates that there are only hundreds of vehicles available nationally. That’s still more than some other EVs.

In the New York City area, Hyundai’s website shows approximately 200 vehicles available within 250 miles. In Santa Monica, California, the site shows two dozen cars available within the same distance.

The Hyundai Ioniq 5 starts at $44,000 with an electric range of 303 miles on a single charge.

Lucid Air

Those hoping to buy EVs from new manufacturers may face an even longer wait.

The Lucid Group began manufacturing the company’s first vehicle, the Air luxury sedan, at its Arizona factory late last year. Reviews have been positive and – despite the six-figure price tag on most versions of the sedan – Lucid said earlier this month that there were over 30,000 reservations for the vehicle.

But many of those buyers may have to wait a year or more to get their car.

At full capacity, Lucid’s factory can make about 34,000 vehicles a year. But the company has said that supply chain issues will curb production of 12,000 to 14,000 Airs this year.

The Lucid Air starts at $77,400, with a range of 406 miles on a full charge. The top-of-the-line Air Grand Touring offers a range of up to 516 miles on a full charge, for a starting price of $139,000.

Lucid has announced plans to increase its prices starting June 1.

Rivian R1T and R1S

It’s a similar story at Rivian, which also started production last year.

The company said it had over 90,000 reservations for its outdoor R1T pickup and R1S SUV this month. Its Illinois factory has the capacity to manufacture about 150,000 vehicles annually, including the R1 model and the electric delivery van that Rivian builds for Amazon.

But the company is facing supply chain challenges as well as some early production bottlenecks, and expects to make just 25,000 vehicles in 2022. An order placed today cannot be filled for a year or more.

Rivian’s R1T pickup and R1S SUV offer a range of around 260 miles in their base trims, starting at $67,500 and $72,500, respectively. Larger battery packs that provide more range—up to 320 miles on the R1S and 400 miles on the R1T—are available at an additional cost.

fisher ocean

California-based Fisker had more than 45,000 reservations for its Ocean electric SUV as of its May 4 earnings report, but doesn’t expect to begin building the vehicles with its manufacturing partner Magna Steyr until mid-November.

CEO Henrik Fisker said he is working with Magna Steyr and suppliers to increase production capacity from 50,000 vehicles annually to 150,000 vehicles by the end of 2024.
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Even if the company survives the supply chain challenges, a customer who orders an ocean today probably won’t see it until the fall of 2023 at the earliest.

Fisker’s Ocean SUV can travel around 250 miles on a full charge in its base trim, which starts at $37,499. Larger battery packs with a range of up to 350 miles are available at an additional cost.

Credit: www.cnbc.com /

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