Americans Are Ditching Their Gas Guzzlers for EVs
As Ian King likes to say, 2.0 is bigger and better than 1.0.
So why would you buy a gas guzzler when you can own an electric vehicle (EV) instead?
Especially when gas is nearly $5 a gallon now.
More people than ever before are seeing it this way.
Americans bought 158,000 EVs in the first quarter this year.
That’s an incredible 60% jump over the same time period last year.
At the same time, overall auto sales are down 18% due to supply issues.
So this is clearly just the beginning of a massive EV boom.
Read on to see which EV makers are Americans’ favorites right now…
The EV Market’s Biggest Winners
Experian reported last week that EVs were 4.6% of U.S. auto sales last quarter.
That’s up from 2.2% of sales in the first quarter of 2021.
In other words, EVs’ market share more than doubled just in the past 12 months.
Unsurprisingly, Tesla continued to dominate.
It sold over 100,000 EVs in the U.S. last quarter.
Most of those were the Model 3 and the Model Y.
One of the biggest winners right now is South Korea’s Hyundai Motor Group.
U.S. EV sales for its Hyundai and Kia brands are up a whopping 400% over a year ago.
That’s thanks to its affordable IONIQ 5, Niro EV and EV6 models.
(2022 Kia EV6.)
Other popular EVs are:
- Ford’s Mustang Mach-E ($43,895.)
- Nissan’s LEAF ($27,400.)
- Volkswagen’s ID.4 ($41,320.)
- Volvo’s Polestar 2 ($45,900.)
And don’t forget about Ford’s much-anticipated F-150 Lightning.
The electric truck already has 200,000 preorders.
Ford says the 2022 Mach-E and F-150 Lightning are now completely sold out.
But you’ll be able to preorder the 2023 models later this year.
Prepare for EVs’ Exponential Growth
Many EVs now cost around $40,000.
This price seems to be the sweet spot for American car buyers.
And automakers around the world are pouring billions of dollars into EV production.
Even Big Tech companies like Alphabet and Apple are working on EVs.
So this technology will only get better and cheaper in the years ahead.
Ian saw this opportunity early on. That’s why told his Strategic Fortunes subscribers to buy Tesla back in August 2019.
They sold half their position in July 2020 for a 552% gain. Then they sold the other half in September 2020 for a 919% gain.
Today, the world’s top tech investors are in this space.
That includes billionaire Mark Cuban and Ark Invest’s Cathie Wood.
And Tesla CEO Elon Musk is now the richest person in the world thanks to the EV boom.
But keep in mind that the EV market is still small.
Like I said, only 4.6% of U.S. auto sales last quarter were EVs.
Ian believes that number will be closer to 50% by the end of the decade.
So we’re talking about exponential growth ahead in the next several years.
To learn more about the EV boom, you can watch Ian’s special presentation.
Assistant Managing Editor, Banyan Hill Publishing
P.S. Ian’s always keeping his eye on what he calls the “Next Gen Effect.” This means that the 2.0 version is always bigger and better than 1.0. As I mentioned above, gas guzzlers are 1.0, and EVs are 2.0. But did you know that the Next Gen Effect is alive and well in the crypto space too? For all the details, click here.
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