Automakers are currently making a push to produce more hybrids as opposed to fully electric vehicles, reports Reuters.
Though automakers such as General Motors had initially outlined plans to move their focus to fully electric vehicles, consumer demand has redirected them to gasoline-electric hybrid and plug-in hybrid vehicles.
This past February, U.S. sales of hybrids grew five times faster than EV sales, according to Morgan Stanley. Ford saw sales of its hybrids grow by almost 37% during the first two months of 2024.
Ford now plans to double sales of its hybrid F-150 to 20%, while Toyota expects its hybrid sales this year to reach 45%–a significant increase from last year’s 29%. Data from AutoForecast Solutions suggests that U.S. hybrid sales could reach 20% of total light-vehicle production by 2025, with EVs accounting for just 14%.
Automakers are expressing apprehension as the U.S. presidential election approaches. Depending on the election’s outcome, proposed emission regulations that would require 60% of an automaker’s sales to be electric by 2030 could be done away with.
