USA: Hybrids continue to be popular & outsell EVs

Toyota's hybrid sales in 2023 are expected to be over 600,000 units.

According to a media report, car buyers in the USA prefer purchasing hybrids instead of full-electric vehicles. The main reason for this is attributed to the cost of EVs and the bad charging infrastructure currently in place.

Reports also mention data from an analytic firm, GlobalData, which shows that Hybrid sales in the USA have doubled since 2020. The firm's Automotive Executive VP, Jeff Schuster also pointed out that "shift to EVs won't happen overnight. Hybrids are a bridge to electrification."

The report also mentions how companies like Ford, who have invested billions in EVs are realising this now and have planned to introduce more hybrid options in their lineup over the next five years. Jim Farley, CEO, Ford, even stated, "We have been surprised, frankly, at the popularity of hybrids." He even went on to mention how the Maverick Hybrid sales accounted for 60% of the total model's sales.

Global Data also suggests Toyota's hybrid sales in 2023 are expected to be over 600,000 units - a 7.5% rise compared to 2022.

The analytics firm also showed data on how hybrid sales in the USA are approaching 1.4 million vehicles this year, compared to 1.2 million EVs. They also stated that Hybrids control 9% of the American car market, with EVs trailing at 8%.

Source: Bloomberg