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

EV sales growth is outpacing PHEV sales growth, with EVs comprising a significantly larger portion of the market.
April 2, 2024
black and silver car on parking lot
Photo by Michael Fousert, Unsplash


  • 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.


  • 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.

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