Electric Cars and Plug-in Hybrids (PHEVs) Enter the Market in Low Numbers

Automotive manufacturers in the U.S. and around the world are investing very heavily in research, design and factory capacity for new electric vehicles (EVs) of all types. This includes fully electric cars and trucks as well as hybrids. Plug-in hybrids (PHEVs) are similar to standard hybrids (in that they can run on their gasoline-powered engines or battery power), but they enable the owner the option of plugging-in at home overnight to recharge the battery. This will eliminate the need to run the car’s gasoline engine, using only battery power as long as the relatively short range isn’t exceeded. (Standard hybrids recharge only by running the gasoline-powered side of the car, and by drawing on the drag produced by using the brakes.)

According to Cox Automotive, sales within America of all-electric vehicles rose from 490,456 in 2021 to 807,180 in 2022 and 1.1 million in 2023. EVs accounted for 7.1% of U.S. auto sales in 2023, compared to 5.8% in 2022 and 3.2% in 2021. Worldwide, there were about 14 million electric and plug-in hybrid cars sold in 2023, according to the International Energy Agency (IEA).

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Electric Cars and Plug-in Hybrids (PHEVs) Enter the Market in Low Numbers, Business and Industry Trends Analysis

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