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.
So far in 2023, Americans have bought a record 1 million-plus hybrids — up 76% from the same period last year, according to Edmunds.com. As recently as last year, purchases had fallen below 2021’s total. This year’s figures don’t even include sales of 148,000 plug-in hybrids, which drive a short distance on battery power before a gas-electric system kicks in.
A lot of manufacturers are working towards a cheaper EV, they just don’t know how to make a good profitable cheap EV yet. That’s why they’re doing the bigger more expensive ones first, so they can figure out how to do it cheaply, and also gives themselves time for all the infrastructure they’re building like battery factories to come online which will also reduce cost.
There’s a few cheaper ones out there like the Bolt, but GM lost money on that. It was just to get the brand out there and learn how to make EVs and get some ZEV credits. It’s why they never went large scale with it.
But it’s coming. In 5 years there will be plenty of cheaper EVs, and more of the consumer infrastructure will be improved too.