Released November 25, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--As more of its members are driving electric vehicles (EVs), travel club AAA said Friday it was revising its data on fuels to include the cost of charging up.
The travel club had until now monitored the price at retail service stations with its "gas prices" website, but it is now rebranding that as its "fuel prices" website due to the adoption of EVs among its members.
The U.S. Energy Information Administration (EIA), the statistical arm of the Department of Energy, finds that battery-electric vehicles account for about 7% of the light-duty vehicles on the road, though that level has remained steady over the last year.
Andrew Gross, a spokesperson for AAA, said that charging prices are far more stable than retail gasoline prices.
"One difference drivers may notice is that while gas prices bob and weave daily and require a chart to track, electric charging rates barely budge," he said. "Over the past six months, AAA has quietly monitored EV charging rates, and they have moved less than a penny."
It costs about 34 cents for one kilowatt (Kw) of power at a public charging station, which Car and Driver magazine said will get about two or three miles in an average EV. At-home chargers are far cheaper, though the magazine's authors found prices can vary between $14 and $46 for a full charge, depending on the charger.
AAA's map on charging prices will not be as detailed as its data on gas prices, which drill down to the local level. EV prices will represent only national and state data.
While AAA sees its members taking on more alternative vehicles, data show total battery-electric adoption is slowing. The EIA finds year-on-year increases are sluggish in general, though gains were driven primarily by hybrid-electric vehicles, which saw sales increase by 30.7% year-on-year to the second quarter.
The EIA added that the cost for an alternative vehicle is on the decline, though they're overall about 20% more expensive than a conventional light-duty vehicle. That, along with range anxiety, may be keeping a lid on the market.
Year-on-year to October, Ford Motor Company (NYSE:F) (Dearborn, Michigan) reported its EV sales were up 38.2%, though it was a 44.6% increase for hybrid models. Sales of vehicles powered by the internal combustion engine declined 0.4% year-on-year to October.
Ford reported that its North American sales volumes improved largely on the back of trucks and SUVs, which accounted for about 12% of its total market share during the third quarter. Both Ford and Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) are among those scaling back their initiatives on alternative vehicles as Ford's F-Series of heavy-duty pickups remains the best-selling vehicle in the United States by far.
Rebranded or not, AAA is expecting a busy travel season for the upcoming Thanksgiving holiday in the U.S. with heavy road congestion. Drivers, regardless of vehicle type, should get some relief in fuel prices. Charging prices are stable and the national average retail price for a gallon of regular unleaded gasoline was $3.06 on Friday, down from $3.28 last year.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The travel club had until now monitored the price at retail service stations with its "gas prices" website, but it is now rebranding that as its "fuel prices" website due to the adoption of EVs among its members.
The U.S. Energy Information Administration (EIA), the statistical arm of the Department of Energy, finds that battery-electric vehicles account for about 7% of the light-duty vehicles on the road, though that level has remained steady over the last year.
Andrew Gross, a spokesperson for AAA, said that charging prices are far more stable than retail gasoline prices.
"One difference drivers may notice is that while gas prices bob and weave daily and require a chart to track, electric charging rates barely budge," he said. "Over the past six months, AAA has quietly monitored EV charging rates, and they have moved less than a penny."
It costs about 34 cents for one kilowatt (Kw) of power at a public charging station, which Car and Driver magazine said will get about two or three miles in an average EV. At-home chargers are far cheaper, though the magazine's authors found prices can vary between $14 and $46 for a full charge, depending on the charger.
AAA's map on charging prices will not be as detailed as its data on gas prices, which drill down to the local level. EV prices will represent only national and state data.
While AAA sees its members taking on more alternative vehicles, data show total battery-electric adoption is slowing. The EIA finds year-on-year increases are sluggish in general, though gains were driven primarily by hybrid-electric vehicles, which saw sales increase by 30.7% year-on-year to the second quarter.
The EIA added that the cost for an alternative vehicle is on the decline, though they're overall about 20% more expensive than a conventional light-duty vehicle. That, along with range anxiety, may be keeping a lid on the market.
Year-on-year to October, Ford Motor Company (NYSE:F) (Dearborn, Michigan) reported its EV sales were up 38.2%, though it was a 44.6% increase for hybrid models. Sales of vehicles powered by the internal combustion engine declined 0.4% year-on-year to October.
Ford reported that its North American sales volumes improved largely on the back of trucks and SUVs, which accounted for about 12% of its total market share during the third quarter. Both Ford and Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) are among those scaling back their initiatives on alternative vehicles as Ford's F-Series of heavy-duty pickups remains the best-selling vehicle in the United States by far.
Rebranded or not, AAA is expecting a busy travel season for the upcoming Thanksgiving holiday in the U.S. with heavy road congestion. Drivers, regardless of vehicle type, should get some relief in fuel prices. Charging prices are stable and the national average retail price for a gallon of regular unleaded gasoline was $3.06 on Friday, down from $3.28 last year.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
