The Year of Hybrids: A Small Step into the EV World

America’s automakers have bet on the dominance of electric vehicles (EVs) in the foreseeable future as the world continues to strive towards reducing carbon emissions and saving on fuel costs. However, the current growth in EV sales has fallen short of industry estimates. Instead, the sales of gas-electric hybrids, which alternate between gasoline and battery power for efficiency, have surged. According to Edmunds.com, over 1 million hybrids have been sold in 2023, up 76% from last year, far exceeding 2021’s total. Despite this strong growth, EVs still only account for about 7% of total U.S. auto sales, indicating a stall in their year-over-year growth rate.

As consumer interest in EVs appear to decrease, automakers are responding with cutbacks in production and the scaling down of plans for new battery or assembly plants. Ford expects to quadruple its hybrid sales in five years, recognizing the consumer preference for hybrids. General Motors, which shifted focus from hybrids to EVs, is also considering re-introducing hybrids to its lineup.

The reasons more buyers are embracing hybrids are vast, ranging from the higher prices of comparable EVs, concerns about the scarcity of charging stations, to recognition that hybrids provide similar benefits as EVs without the associated hassles. Moreover, the availability of tax credits for EV purchases in many cases, coupled with the stability of hybrid prices, has cemented their appeal. Most hybrids come at a nearly similar cost to gas vehicles and are far less expensive than comparable EV models.

This year, hybrids have sold well due to new factors that appeal to consumers. The surging public concern over climate change and its catastrophic impacts has led more people to choose hybrids as they strive to burn less carbon-spewing fuel. Hybrids ease pricing fears for many as their average cost is notably lower than that of EVs. Additionally, lifestyle preferences, such as the need for long-distance travel and fears about the infancy and reliability of EV technology, are giving hybrids an edge in the market. Moreover, the design of hybrids makes them well-suited for use in colder weather and expert tests have shown them to be the most reliable option for buyers. The well-established engineering and manufacturing of hybrids have provided many manufacturers and buyers with reliable and trusted models.

Although it’s anticipated that the industry believes the EV market will eventually outpace that of hybrids, it’s clear that the immediate future lies partly with hybrid technology favored for its affordability and reliability. As technology and infrastructure continue to improve and consumers adapt to new trends and regulations, the transition to electric mobility will likely gain more momentum in the future.