Plug-in hybrids are gaining popularity among car buyers due to their electric range and combustion engine, now averaging $63,000 in July, higher than EVs.
Data from the U.S. Energy Information Administration shows a year-over-year market share increase for plug-in hybrids, rising from 1.7% to 2% in early 2024.
Major automakers like Toyota, Ford, and Volkswagen are shifting focus from fully electric vehicles to plug-in hybrids and hybrids, reflecting market demand trends.
Despite a small market share increase for EVs in 2024, manufacturers are scaling back on some electric models to ramp up hybrid production efforts.
#plug-in-hybrid-vehicles #electric-vehicles #automotive-market-trends #car-buyers #manufacturers-strategies
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