A casual glance at key trends in electric vehicle markets suggests that the much-hyped EV revolution is very much alive and well. In the U.S., EV sales are on track to surpass 1 million units by year-end, good for an impressive 50% year-over-year increase. This in turn translates to, for the second year in a row, EVs making up nearly 10% of all new cars sold in the country.
and GM have canceled their plan to jointly develop a slate of affordable EVs, saying the economics do not work. Volkswagen AG OTCPKVWAGY has announced that it will stop making the ID.3 and Cupra’s Born, citing subsidies and competition from China. Hybrids Remain Popular Fossil fuel investors will no doubt be pleased to know that hybrids remain incredibly popular in this age of pure EVs, a full 25 years since Toyota Motor Corp.
launched the Prius. Nearly 3 million hybrid EVs were sold in 2022, good for nearly 30% of all EVs sold. Hybrids remain popular because they make considerable savings on gas and cut their carbon footprint without the attendant charging anxiety that comes with pure EVs. In a hybrid car, there is an ICE component and an electric motor, with battery-stored energy. However, a hybrid can’t be plugged in to charge. Instead, it is charged by the regenerative braking of the internal combustion engine.