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In the haste with which the auto industry is developing all-electric models, hybrid gasoline-electric vehicles may not be going away as quickly as some thought.
According to industry experts cited by Reuters, Ford Motor is the most recent of several renowned automakers, including Toyota and Stellantis, to announce plans to produce and market hundreds of thousands of hybrid vehicles in the United States over the following five years.
The businesses are promoting hybrids as a substitute for retail and business clients looking for more environmentally friendly mobility but who might not be ready to make the switch to a fully electric vehicle.
Since customer demand for pure electric vehicles has not increased as swiftly as anticipated, interest in hybrid vehicles is on the rise. The low demand for EVs is attributed to a number of factors, according to surveys, including high starting costs, range anxiety, protracted charging periods, and a dearth of public charging stations.
According to S&P Global Mobility, the number of hybrid vehicles sold in the United States will more than quadruple over the next five years, reaching 24% in 2028. Around 37% of sales will be made up of pure electric vehicles, leaving combustion vehicles, such as so-called “mild” hybrids, with a market share of close to 40%.
Less than 10% of all vehicles sold in the United States in the past have been hybrids, with Toyota’s long-running Prius being one of the most well-liked makes.
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Automakers’ Hybrid Push
As it gradually increases investment in pure EVs, the Japanese manufacturer has constantly stated that hybrids would play a critical role in the company’s long-range electrification aspirations.
Ford is the most recent company to announce more ambitious hybrid aspirations. After announcing an aggressive push into all-electric vehicles earlier, Chief Executive Jim Farley shocked investors by saying Ford intends to treble its hybrid sales over the next five years during its second-quarter earnings call in late July.
While Stellantis will follow Toyota and Ford’s example by giving American consumers a choice of different powertrains, including hybrids, until sales of pure electric vehicles start to take off after mid-decade, forecaster GlobalData reports that General Motors appears to have little interest in hybrids in the U.S. General Motors.
More than 60 hybrid vehicles are being marketed by manufacturers in the US this year. At least 18 different hybrid cars are currently available from Toyota and its high-end Lexus brand, allowing the Japanese automaker to keep a monopoly on the market.
Ford and Lincoln provide six hybrid cars, compared to seven from Hyundai and its sibling company, Kia. There are just three options from Stellantis, and the only one from General Motors will be a hybrid Corvette sports car that will be released later this year.
Until EV charging stations are as common as gas stations, says Andrew DiFeo, dealer principal at Hyundai of St. Augustine, south of Jacksonville, Florida, EV adoption won’t reach the levels the Biden administration expects.
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Source: Yahoo!
