Hybrids and plug-in hybrids accounted for a record 11% of U.S. auto sales in the first quarter, report says Car Newsciting data from Cox Automotive.
Discount double hybrid in the first quarter compared with the same period a year earlier, Cox data showed, while Plug-in hybrid car sales rise 59% in the quarter. Owner loyalty is also strong, with 42% of hybrid owners returning to the market in Q1 to buy another hybrid or plug-in hybrid, according to S&P Global Mobility data also cited by Automotive News. That marks the seventh consecutive quarter of increased hybrid owner loyalty.
Kia Sportage 2024
Automotive News also reported, again based on data from Cox Automotive, that electric vehicle sales remained relatively stable in Q1. Electric vehicles accounted for 7.2% of the market, compared with 7.3% in Q1 2023.
The report outlines some of the differences between hybrids and Electric vehicle sales momentum As for cost, note that while some hybrids cost less than $30,000, the average EV transaction price is $57,000 by May 2024. And according to Cox, the average price has actually come down recently, supported by increased discounting.
Toyota Prius 2024
A consumer poll released in June also found that Prices are keeping many Americans away from electric cars.. And a JD Power study released in May also found that Concerns about the cost of new electric vehicles is one of the main reasons why consideration for buying an electric car has declined. But the rise in sales of hybrids and plug-in hybrids at least suggests that consumers priority emission reduction.
Besides lower cost, conventional breeding can also provide a less complicated experience for owners. Several studies, including one from J.D. Power last month, have shown higher rates of owner-reported problems with EVs, but often related to technological features, not EV powertrain we.
