Rising Fuel Prices Boost EV Sales in Australia

0:00From Sydney, this is your March 7th update. Conflict in the Middle East is pushing up global oil prices, and some petrol stations in Australia are already charging more. Experts predict a sustained rise of 30 to 50 cents per liter, which can boost electric vehicle sales by 10 percent, based on modeling from, jet, charge. EVs cost more upfront than petrol cars, but they are cheaper to run over time, especially as fuel prices climb. At $2.8 per liter, an EV starts saving money after a few years through lower operating costs. If prices hit $2.50, or even $2.90, that payback period shrinks by a full year or more. Studies from Nordic countries in China back this up, showing a strong link between higher petrol prices and more EV purchases. In those places, a 1 percent petrol price jump led to nearly as much growth in EV sales, and bigger hikes could at 17 percent or more on top of rising demand. These trends should apply somewhat to Australia, where buyers favor smaller, cheaper EVs when

1:02fuel gets expensive. Rising electricity prices have not slowed sales as much, since people notice petrol costs more clearly at the pump. For heavy vehicles like semi-trailers, the effect could be even bigger. These will need to reach $2.11 per liter to make electric trucks competitive on running costs, and at $2.41, they save. $13,000 a year. Fuel prices must stay high for at least 6 months to really shift by our behavior. This story is made possible by our sponsor. What is cooler than cool? A pillow that plays your sound? S-O-L-I. S-O-L-I-Pillow.com