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But being more than just an inconvenience, this sparked something big — a change in consumer behavior.
People wanted to avoid those long lines at gas stations and save money by filling up less, so they sought “smaller” cars — the ones promoted as being more fuel efficient.
Some automakers already had vehicles in place to capture this demand… like Ford Motor Co. (F) did… with its Maverick.
But in the race to go small, there were also misfires, like with the Dodge Omni 024:
We may be in a different era, but the more things change, sometimes they stay the same…
Gas prices are still a concern.
It’s not as bad as last summer — an average gallon of gas cost $4.92 in June 2022 — but prices are starting to creep back up.
And just like in the 1970s, a shift in consumer behavior is happening today — the shift to electric vehicles (EV).
The share of electric cars in total sales more than tripled in three years, from roughly 4% in 2020 to 14% in 2022.
In part, that shift can be attributed to the cost of owning an EV over the long term compared to a traditional car.
While still considering a few caveats (incentives, regional electricity costs, and whether you charge an EV at home), the average EV owner could save between $6,000 to $10,000 over the lifetime of a vehicle, according to a 2020 Consumer Reports study.
And in the EV word, much like with the Ford Maverick and the Dodge Omni 024, there will be winners and wannabes.
Our friends at Derby City Insights, experts at knowing what’s happening with consumers before it becomes news on Wall Street, are keeping close tabs on this shift in buying behavior and the investable opportunities.
Their MegaTrends subscribers got a head-start on an opportunity in March when their system spotted a Tesla Inc. (TSLA) competitor, with a projection that the stock could climb by 200% within the next two years.
It’s already well on its way, up by 50% as of this writing.
Derby City Insights just launched a free report about that company here.