Demand For EVs Is Still Outpacing Plug-In Hybrids: Report

Summary:

• Manufacturers like GM, Ford, and BMW are investing in PHEVs to appeal to consumers hesitant to make the full switch to EVs.
• PHEVs face challenges like higher battery costs and limited range, but improvements in technology and education could increase their appeal.

Quotes:

• People have noticed that EV sales growth is softening. Some have taken this to mean that EV adoption is stalled, and that the answer is to bet on plug-in hybrids (PHEVs). That’s not necessarily true. New data from research firm Bloomberg NEF shows that the relationship between PHEVs, EVs and overall demand is a little more complicated than what appears at first glance. PHEVs sales are growing, but EV sales are a much larger percentage of the market and growing even faster.
• …Bloomberg BNEF’s battery price survey showed that PHEV batteries are nearly three times pricier per kWh compared to an EV, $343/kWh in 2023, compared with $128/kWh for EVs.

Read the full post at Inside EVs.