Oil and gasoline prices are rising as the war in Iran intensifies and other global conflicts affect supply. That means pain at the pump for drivers filling up with gas. But electric vehicle drivers are largely unaffected by spikes in oil prices. Electricity prices — even as different grids have different power mixes — are more regulated. Experts say prolonged high gas prices may drive some EV interest and sales. Car-buying resource Edmunds says it has seen an uptick in people researching EVs and hybrids. But the experts also say just how far that will go is unclear. And in the U.S., significant incentives to buy EVs have gone away.
Chinese giant automaking company BYD bought Ford Motor Co.'s former facilities in Brazil and has promised to run the company's largest plant outside China in the hardscrabble city of Camacari in northeastern Bahia state. BYD is leading a boom in electric vehicle sales in Brazil, the world's sixth-largest auto market. Meanwhile, Camacari has been reeling since 2021, when Ford, the American carmaker that had been the city's largest employer, shuttered its operations in Brazil after more than a century in the country. However, in December, Brazilian authorities rescued 163 Chinese nationals said to be working in "slaverylike" conditions at the BYD site. That has raised questions about the future of the factory.
Many Americans still aren't sold on going electric for their next car purchase. A poll shows high prices and a lack of easy-to-find charging stations are major sticking points. The poll by The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago shows about 4 in 10 U.S. adults say they would be at least somewhat likely to buy an EV the next time they buy a car, while about half aren't ready to give up on gas-powered vehicles. The results indicate President Joe Biden's plan to dramatically raise EV sales is running into resistance from drivers.
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