Thank you to those of you who were able to attend our live webinar on May 5th, 2021. Keep an eye out for more upcoming events in the future. For those who couldn’t make it we are providing the video below, as well as a brief recap of our findings from our research.
- Electric vehicles (EVs) have a long history as a niche product. However, within the last ten years, they have become a serious rival to internal combustion engine (ICE) vehicles.
- There are several hurdles to widespread adoption of EVs: price, range, selection of vehicle models, and availability of charging are among the most important factors.
- Currently, the majority of EV charging happens in the home. “Fast” charging still takes an hour or more to entirely refuel an EV. This poses a challenge to gas station/convenience store operators whose customers generally spend 15 minutes or less at their locations. Higher dwell times will be essential for EV customers who need to charge.
- There is not currently a viable way to make any significant money from electric charging. It does not appear that profits from charging will in any way be able to replace profits from motor fuel.
- Government subsidies and programs play a significant role in adoption.
- We predict that it will be 10-15 years until EVs cause a significant decline (20%-30%) in motor fuel sales.
- Operators have always needed to focus on site selection and in-store product offering. Yet these factors will become more important than ever
C-Store Investments will continue to monitor this evolving situation. We will keep our network in the loop on any major changes. Stay tuned!
