DETROIT (AP) — America’s automakers have staked their futures on the notion that electric vehicles will dominate sales in the coming years, spurred by buyers determined to reduce carbon emissions and save on fuel.
But so far, while EV sales are growing, their pace is falling well short of the industry’s ambitious timetable for transitioning away from combustion engines. Instead, buyers are increasingly embracing a quarter-century-old technology whose popularity has been surging: The gas-electric hybrid, which alternates from gas to battery power to maximize efficiency.
In 2023, Americans bought a record 1 million-plus hybrids — up 76% from the same period last year.
Though electric vehicle sales are nearing an annual record of over 1 million this year, their year-over-year growth rate has begun to stall. EVs still account for only about 7% of all U.S. auto sales.
The slowdown has raised concern among automakers that buyer interest in EVs is faltering. Some companies are cutting production and scaling down plans for new battery or assembly plants.
The reasons why hybrids have quickly become the preferred choice for many buyers vary. They range from the higher prices of comparable EVs to concern about the scarcity of charging stations, to a recognition that hybrids provide many of the same advantages without the hassles of EVs.
Ford, the nation’s No. 2 hybrid seller behind Toyota, expects to produce enough hybrids to quadruple sales within five years. General Motors, which abandoned most hybrids in the U.S. four years ago in favor of EVs, now says it’s considering bringing them back.
