Exro Technologies Inc T.EXRO

RE:BNN Interview

[AlwaysLong683]

ace1mccoy wrote: Dan Ives, managing director and senior equity analyst at Wedbush Securities, says many customers who are fence sitters are starting to look at gas prices, and that will accelerate adoption to EVs. There will be a 10 to 12 per cent penetration into the market by late next year. Tesla is in a great position to expand its market share.

I wouldn't count on gasoline prices to remain too high for too long.

The price of oil is currently around 108.00 a barrel. 

It traded as high as 140.00 in 2008 and between 80.00 - 110.00 from early 2011 to early 2014 before plummeting  below 50.00 and stayed in the 50.00 - 70.00 range until the COVID crash where it dropped to well under 40.00 a barrel. I think the high prices right now have a lot to do with the unexpected quick rebound in gasoline demand as people returned to travelling by car faster than expected.

My guess is the Saudis and other OPEC countries with large oil reserves will likely increase production if they sense consumers are cutting back too much on gasoline purchases or if electric cars become a serious threat.

Price tags of electric cars are likely still the main reason why people may look but not switch, with charging times for most EVs being another current drawback vs. gas powered vehicles.