Research and find an article that covers the supply and demand of electric vehicles and how gas prices have affected the supply or demand electric vehicle sales. You can use an article online or offline from any reputable source. Write up a review of the article and integrate concepts, such as the market, market equilibrium, law of demand, and prices control into your review. Summarize the article and discuss how it relates to other economic theories.
Complete this essay in a Microsoft Word document in APA format. A minimum of 1500 words for your essay is required with a least 2 references in addition to the article that is being reviewed.
Requirements: Minimum of 1,500 words
Even though the rising gas prices should drive up interest in electronic vehicles due to their efficiency and climate friendliness, many Americans might not be able to access them. One of the reasons for this is the lack of sufficient inventory of electronic vehicles. According to Cox Automotive, the country’s total vehicle inventory levels declined by an estimated 70% in 2020 and 60% in 2021, resulting in approximately 1.1 million vehicles in stock (Wayland, 2022). In addition, out of the 1.1 million vehicles, electronic vehicles account for around 25,100 units or 2.4% as of February 2022 (Wayland, 2022). Astor (2022) supplements this point by positing that although many Americans would like to acquire an EV and can afford it, locating one can be immensely challenging. This is because very few electric vehicles currently exist.
Besides this, another contributory factor to EV automakers’ inability to meet the rising demand for these vehicles is the lack of sufficient infrastructure to charge electronic vehicles. According to Astor (2022), this serves as a major hurdle to automakers manufacturing more EVs,