Automakers are pushing hard and fast into electric vehicles (EVs). EV ads are in heavy rotation on TV. New EVs are announced almost every week. And, to some extent, it’s working. Electric cars made up 7.2% of all cars sold in the second quarter, up from 5.2% a year ago.
But sales of hybrid cars are surging, too.
Researchers from GlobalData report that U.S. hybrid sales have more than doubled in the last three years. Americans are on pace to buy 35% more hybrid-electric vehicles this year than last.
Related — Electric Cars, Hybrids, and Plug-in Hybrids Explained
A More Reasonable Step for Some Drivers
The hybrid sales surge may partly result from the move toward electrification. Many Americans see the trade-offs of going electric, from high prices to struggles with limited charging infrastructure. That puts EVs out of reach for some.
But hybrids provide a way to cut your fuel costs, pollute less, and avoid the glaring cons.
Automakers Planning More
Automakers have noticed this trend. Ford recently unveiled the 2024 version of America’s best-selling vehicle, the F-150 pickup. The company had two themes for its big announcement — a new multifunction tailgate and plans to double the number of hybrid trucks it builds.
Reuters reports, “The number of hybrid models for sale in the U.S. market is expected to grow to 369 by 2026, more than double the 164 on sale in the U.S. in 2020, according to GlobalData.”
Toyota, the Ultimate Example
Toyota has long been the leader in hybrid sales. About a third of the company’s sales today are hybrids. GlobalData expects Toyota hybrid sales to grow another 7.5% this year.
Related — Which Is Better To Buy: Fully Electric Car or Hybrid?
The company has drawn the ire of some environmentalists with its slow move toward electrification. But a recent leaked document sent to Toyota dealers claimed that, with the amount of minerals needed for one EV battery, Toyota could build 90 hybrids or six plug-in hybrids.
Plug-in hybrids are hybrids with larger batteries that owners can recharge from a wall outlet, capable of traveling around-town distances on electric power alone and using gasoline for longer trips.
Reuters notes the phenomenon is not limited to the U.S. “Globally, sales of hybrids are expected to be up 20% this year and grow by 71% over the next five years, GlobalData forecasts.”
