High Gas Prices Drive US Consumers Toward EVs and Hybrids

Rising fuel costs are prompting more Americans to consider electric and hybrid vehicles, according to a survey by Cars.com cited by Yahoo Finance.

Car buyers shift interest toward electric and hybrid vehicles amid rising fuel costs.

The survey found that 52% of in-market car shoppers said higher gas prices are influencing them to consider either a fully electric vehicle (EV) or a plug-in hybrid (PHEV).

Of those, 33% said they are more likely to consider a PHEV, while 19% are leaning toward a fully battery-electric vehicle.

“With rising fuel costs, we often see increased interest in EVs,” said Lawrence Hodge, a Cars.com editor.

According to AAA, the average U.S. gas price stood at $4.06, up from $3.17 a year earlier. The survey also found that 49% of respondents said higher gas prices are affecting their vehicle purchase timeline.