Get All Access for $5/mo

Tesla Orders Surge 100% As People Turn To Electric Cars Amid High Gas Prices Tesla Inc (NASDAQ:TSLA) is benefiting from the global increase in oil prices. People in the U.S. are turning away from fossils fuels given the high cost of gas in specific...

By Cristian Bustos

This story originally appeared on ValueWalk

capitalstreet_fx06 / Pixabay - Valuewalk

Tesla Inc (NASDAQ:TSLA) is benefiting from the global increase in oil prices. People in the U.S. are turning away from fossils fuels given the high cost of gas in specific parts of the country, and the company is seeing its electric vehicle (EV) orders surge.

Orders Upsurge

As reported by Electreck, orders for Tesla models in the U.S. have increased by 100% in one week as gas prices are denting the personal finances of millions of people. With crude oil having broken the $100 a barrel barrier, the average gas price at the pump in the country has soared to $4.25 a gallon, with some states hitting $5 a gallon.

Q4 2021 hedge fund letters, conferences and more

U.S. sanctions on Russian oil have triggered a price upsurge, and the skyrocketing gas prices have prompted many to rearrange their budgets and even contemplate the switch to electric cars for good.

"Many of them who are in a position to buy a new car are turning toward electric vehicles. Some out of frustration, others because they are making the cost of ownership calculation and realize that it is actually cheaper than a gas-powered car," according to Electreck.

The increase in Tesla orders, however, is not bound to affect the automaker's deliveries as production is still dragging along.


At present, Tesla is the biggest EV manufacturer in the U.S. with an 80% market share. The increase in orders means that Elon Musk's firm is in a prime position to strengthen its business in the country in comparison to its competitors.

"In the US, Tesla is guiding a July 2022 delivery for new orders of the base Model 3 and September 2022 for the popular Model Y."

However, people have more options to turn to, namely competing models such as the Ioniq 5 by Hyundai Motor Co (KRX:005380) and the ID.4 by VOLKSWAGEN GROUP Common Stock (ETR:VOW3) —vehicles whose production is limited and waiting lists are long given the current global situation.

Tesla is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders' families.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.


This Artist Answered a Businessman's 'Powerful' Question — Then His Work Became 'the Poster Child for Juneteenth': 'Your Network Really Becomes Your Net Worth'

Reginald Adams was the executive director of a Houston-based art museum for more than a decade before he decided to launch his own public art and design firm.


Harvard Business School Professor Says 65% of Startups Fail for One Reason. Here's How to Avoid It.

Team alignment isn't nice to have -- it's critical for running a successful business.

Business News

Here's What Companies Are Open and Closed on Juneteenth 2024

Since it became a holiday in 2021, Juneteenth has been recognized by some major corporations as a paid day off.

Growing a Business

I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

Three road-tested ways to be more transparent and build relationships that can transform your business — without leaving you feeling nightmarishly over-exposed.