Tesla Model 3 is quickly approaching the top 10 of all models.

Turo, a peer-to-peer car sharing company, recently shared very interesting data about electric cars on the platform, which is getting more and more electrified.

First of all, both the supply of electric cars and the demand for them is growing faster than the overall average.

Supply:

  • In 2017 - EVs up 1.5 times the rate of hybrids or ICE vehicles
  • In 2018 - EVs up 1.6 times the rate of hybrids or ICE vehicles

Demand:

  • In 2017 - EVs up 1.4 times the rate of hybrids or ICE vehicles
  • In 2018 - EVs up 1.5 times the rate of hybrids or ICE vehicles

A big factor of growth was Tesla cars. The number of Teslas offered for rent increased from 67 in 2014 to around 6,000.

As it turns out, three Tesla models are placed within the top 11:

Insights about why EVs are doing better than other types of vehicles:

  • The initial price of electric cars is higher (than ICE) so it's encouraging to rent the car from time to time and earn some money
  • The operating costs are much lower "so you can earn more per mile as an EV host"

And here is why the demand is also growing fast:

  • Electric car owners sometimes are traveling without a car and need a car at their destination. Their first choice would be to rent another EV
  • Those who consider purchasing an electric car are often willing to rent one for a weekend or week to try a particular model

Source: arstechnica.com