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EV demand reportedly wanes amid declining gas prices

Yahoo Finance autos reporter Pras Subramanian details a new report that found interest in electric vehicles is falling as gas prices keep declining.

Video transcript


SEANA SMITH: When gas prices spiked earlier this year, so did interest in electric cars. But now as pain at the pump is starting to subside, so is that enthusiasm for EVs. Joining us now to break this down is "Yahoo Finance's" senior autos reporter Pras Subramanian. Pras, we talked about the fact that maybe more people were going to be interested in EVs because of the high prices at the pump, but it looks like that might have been pretty short-lived.

PRAS SUBRAMANIAN: It's kind of surprising. As gas prices come down, so does EV interest. So we've seen 50 straight days of gas declines, and EV are just falling down. As noted by Edmunds, they saw their data on their website, back in March, 25% of site visitors were doing research on green vehicles like hybrids and fully EV electric vehicle cars. Now it's down to 17%, a drop of 32% from that time.

So it goes to show that Americans are a fickle bunch. So basically when they're American-- when their financial interests lie, they're going to go there. That being said, "New York Times" reported that hybrid sales, actually, which are declining because of interest in EVs, is actually now peaking again, because it seems like Americans are-- they want the best of both worlds. They want efficiency and convenience of a gas-powered car.