Investor Ross Gerber of the investment firm Gerber Kawasaki has urged drivers to opt for EVs in view of the Iran war that has led to surging gas prices across the U.S.
Gas Prices Won’t Come Down
In a post on X on Tuesday, Gerber outlined the benefits of EVs over gasoline-powered vehicles. “Gas prices don’t matter to the 10 mil people that own a tesla,” he said in the post.
He added that there were several options for “great EVs” available from dealers, as well as in the used markets. “Go get one. Gas prices are not going down anytime soon,” Gerber said.
The national average gas price in the U.S. was $4.483/gallon on Tuesday, with California leading the costs at around $6.114/gallon. According to data by the American Automobile Association (AAA), gas prices broke the $7 mark in California’s Mono County, where a gallon of gas cost $7.015.
Tesla’s Demand Surges In Europe, Used US Market
Tesla Inc. (NASDAQ:TSLA) recorded an uptick in its sales in countries like France, where sales jumped 112% in April, as well as the Netherlands and Sweden, which showcased a 23% and 111% growth, respectively. However, Tesla’s sales also fell considerably in countries like Norway, which recorded a 61% decline.
On the other hand, Tesla vehicles also held their values and depreciated less on the used market in the U.S. Tesla vehicles were also among the fastest-selling cars in the used EV space, sitting in the dealer lot for an average of approximately 25-34 days across its lineup.
Demand for used EVs has also surged in the U.S., with over 44% of the EVs sold on the used market comprising vehicles priced below $25,000, according to experts.
Rivian’s Amazon Sales
Meanwhile, e-commerce giant Amazon.com Inc. (NASDAQ:AMZN) emerged as a major customer for Rivian Automotive Inc. (NASDAQ:RIVN), with over 50% of the automaker’s revenue coming from fleet sales to Amazon, as reported by the company during its first-quarter 2026 earnings call. Rivian beat market expectations with its earnings report, recording a revenue of $1.381 billion for the quarter.
Iran War
As tensions escalate, President Donald Trump announced that he would be pausing the “Project Freedom” initiative, which would guide commercial ships across the Strait of Hormuz, but insisted that the U.S.-led blockade of the area would remain.
Trump had touted the initiative as a “humanitarian gesture” and warned Iran of severe consequences following strikes on multiple Iranian fastboats.
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Photo courtesy: Shutterstock/ Jeff McCollough
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