Hybrids are more popular than ever as shoppers cool on EVs – By Nora Naughton (Business Insider) / March 13, 2024
2024 is shaping up to be the year of the hybrid.
Hybrids appeal to a more practical green car shopper.
Companies like Ford and Toyota are seeing hybrid bets pay off.
This year is shaping up to be a big one for hybrid cars, a segment once thought to be a relic of the pre-Tesla EV market.
After demand for electric cars pulled back suddenly in the second half of last year, 2024 has started with slowing sales of battery-powered cars. Fewer new-car shoppers are considering EVs for their next vehicle, according to JD Power, with shoppers citing a lack of access to charging infrastructure as a main reason for ruling out EVs.
That’s where hybrids are getting the advantage. Interest in these vehicles — which come in plug-in varieties or come with hybrid engines that don’t need to be hooked up to a charger at all — is on the rise as a new, more practical green car customer emerges.
Brands that have leaned into hybrids saw better sales results in February. Toyota, for example, reported an 84% increase in EV and hybrid sales. The Japanese automaker only sells one electric car in the US right now and has previously been criticized for its commitment to adding more hybrids to its lineup.
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