Why Hybrids Are Outpacing EVs

By: Anneken Tappe · March 21, 2024 · Reading Time: 2 minutes

Electric vehicles were heralded as the car industry’s answer to environmental worries. But whole automakers are still all over the trend, consumers are just not buying as many EVs as everyone would have thought.

In response, companies like Ford (F) and General Motor (GM) have scaled back their investments in EVs. But they’re not giving up on electrification altogether. Instead, automakers have quietly been expanding their hybrid offerings, and sales are surging.

Best of Both Worlds

Hybrids aren’t anything new, but they have been overshadowed by electric vehicles.

But no more. Hybrid sales in the first two months of 2024 grew 50%, easily outpacing the 13% increase for EVs, according to data from Hybrid vehicles are also on the lot for far fewer days compared to electric vehicles.

And here’s why: Hybrids address many concerns that may be stopping people from buying EVs. For consumers worried about driving range and charging availability but intend on a more environmentally friendly car, hybrids represent a compromise.

These considerations are shaking things up across the industry. Companies like General Motors, Nissan (NSANY), and Volkswagen (VWAGY) are all looking to expand their lineups in North America, and Ford expects its hybrid sales to quadruple over the next five years.

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