Rising Gas Prices Could Be a Boon for EVs in 2024 (Emerging Winners)

Tesla is about to have some serious competition... [Derby City Daily logo] [Derby City Daily logo] Rising Gas Prices Could Be a Boon for EVs in 2024 (Emerging Winners) By Andy Swan In the early 1900s, Ford Motor Co. (F) revolutionized the automotive industry – putting America on wheels with the Model T and making mass production possible. However, it was the oil crisis of the 1970s that truly shifted consumer behavior. Source: timesmachine.nytimes.com Soaring gas prices quickly led to a demand for more fuel-efficient vehicles. But memories of long lines at gas stations and skyrocketing fuel prices lingered in the minds of consumers for decades... Because rising gas prices are more than an inconvenience – they can be a catalyst for profound shifts in consumer behavior. Now, we’re on the brink of another transformative shift in the auto industry with electric vehicles (EVs). And rising gas prices could yet again be the psychological trigger that accelerates mass adoption faster than we thought possible. After the average price of gas surged to its highest level ever last year, we watched EV demand mentions climb to nearly 10x pre-pandemic levels: And this trend has proven sticky. Earlier this month, crude oil prices pushed past $85 per barrel; and as of today, gas prices in 10 states are averaging in the red-hot range between $4.120 and $5.259, according to AAA. Source: gasprices.aaa.com While these price spikes may not have an immediate impact on EV sales, they plant a powerful seed. Car buyers have long memories. And the next time they go to upgrade their wheels, memories of price shock at the pump may lead them to an EV they would not have considered otherwise. The profit play is clear: By investing in the right EV stocks today, you could set yourself up for the opportunity of a lifetime. And we're not just talking about Tesla (TSLA) anymore. Viable competitors are emerging in this space – including one that’s a proven moneymaker with our [MegaTrends]( subscribers. [Take a look...]( [Click here to continue reading]( [Andy Swan's signature] [Andy Swan's signature] Andy Swan Senior Analyst, Derby City Insights Get Instant Access Click to read these free reports and automatically sign up for research throughout the week. [25 Doomed Blue Chip Stocks]( [The Infinite Income Manifesto]( © 2023 TradeSmith, LLC t/a Derby City Insights. All Rights Reserved. 1125 N. Charles Street, Baltimore, MD 21201 To unsubscribe or change your email preferences, please [click here](. [Terms of Use]( | [Privacy Policy](