Electric vehicles (EVs) have been hogging the spotlight lately, from the sleek Tesla Model 3 to the mighty Ford F-150 Lightning.
But here’s the twist – not everyone’s rushing to jump aboard the electric train. Instead, they’re making a pit stop at the hybrid station. But why is this happening?
EV Sticker Shock
The average price tag of a brand-new electric vehicle is a hefty $53,469, according to Cox Automotive. That’s not exactly pocket change for most folks.
Add to the mix the ever-present fear of running out of juice and the not-so-widespread charging infrastructure across the U.S., and you’ve got yourself a recipe for second thoughts about going fully electric. The fear of the EV battery going empty has become the new epidemic, affecting the young and old.
So, what’s the deal? Well, as Bloomberg reports, folks aren’t waving goodbye to their trusty gas-guzzlers and leaping into EVs just yet. Instead, they’re cozying up to hybrids – those nifty vehicles that blend electric power with good old gasoline. According to analysts at GlobalData, hybrid car sales have more than doubled in the United States since 2020.
So, Why the Hybrid Hype?
Now, you might wonder, “Why hybrids when they still thirst for gas?” It’s a fair question. But picture this: popular hybrids like the Toyota Prius can sip gasoline so frugally that they can hit up to a jaw-dropping 57 miles per gallon in city and highway combined driving. For folks used to the convenience of gas stations on every corner, that’s a game-changer.
But here’s the thing, major shifts in the automotive world don’t happen overnight. As Jeff Schuster, the automotive executive vice president at GlobalData, puts it, the auto industry doesn’t work like a magic wand. Hybrids are the stepping stone, the way the masses can start tiptoeing toward fully electric vehicles.
The Giants Take Notice
Big-name automakers are catching on to this trend. Take Ford, for example. They’ve been pumping billions into electric vehicles but are also giving hybrids some love. They’re ramping up hybrid F-150 production and slashing prices to compete with their gas-powered siblings. Even Ford’s CEO, Jim Farley, expressed surprise at hybrids’ growing popularity.
On the other side of the spectrum, Toyota isn’t just diving headfirst into EVs. They believe in giving buyers choices. After all, they’ve spent over $50 billion on EVs but still see a place for hybrids and other powertrains. As former chairman Akio Toyoda once put it, Toyota is like a department store offering a variety of options, and they won’t tell you what to buy.
