Sales of electric vehicles in the US are not meeting industry expectations, while sales of gas-electric hybrids are on the rise.
In 2023, Americans purchased over 1 million hybrids, a 76% increase from the last year.
Driving the news: Despite nearing an annual record of over 1 million sales, EVs only account for about 7% of all US auto sales.
- Automakers are concerned about the slowdown in EV sales and are scaling down production and plans for new battery or assembly plants.
- The reasons for the preference for hybrids over EVs include higher prices of comparable EVs, concerns about charging infrastructure, and recognition that hybrids offer similar advantages without the hassles of EVs.
- Ford and General Motors are increasing their focus on hybrid production in response to the rising demand.
- Consumers are uneasy about the availability and prices of EVs, even with federal tax credits.
- Hybrids emit less tailpipe pollution and their purchase prices are comparable to gas vehicles and lower than comparable EVs.
What they’re saying: “Your standard hybrid makes the most sense to most people,” Ivan Drury, a director at Edmunds.com, told the Associated Press. “I think you’ll find that people don’t want to deal with the hassle or the difficulties of charging.”