Automotive expert Mike Caudill discusses data that proves consumers are not yet ready for a complete transition to electric vehicles.
Polls show that most Americans consider emissions when buying a new car, but despite the push for electric vehicles, consumers still prefer other “green” alternatives. shown in the data.
Brian Moody, executive editor of Kelley Blue Book, says this year’s hottest automotive trend is “hybrids and more hybrids.”
The 4Xe logo is displayed on a Jeep Wrangler 4Xe plug-in hybrid on display at the Hilltop Chrysler Jeep Dodge Ram dealership on April 5, 2024 in Richmond, California. (Justin Sullivan/Getty Images/Getty Images)
In an interview with FOX Business, Moody said 2023 will be the first year that EV sales will exceed 1 million, and that it would be an overstatement to say that people have completely rejected electric vehicles. However, hybrid sales growth outpaced that.
9.3% hybrid New light vehicle registrations in the U.S. were up 1.8 percentage points from January to November 2023, according to S&P Global Mobility data.
Meet Toyota’s first 4Runner SUV in 15 years.it’s not an EV
Moody said buyers prefer hybrid cars because they are relatively affordable and have good fuel economy. At the same time, hybrids work with existing infrastructure and require less time to refuel than EVs.
An electric car charges in a shopping mall parking lot on June 27, 2022 in Corte Madera, California. Moody said many consumers are concerned about the time it takes to charge an EV. (Justin Sullivan/Getty Images/Getty Images)
The reason why many consumers use it is prefer hybrid He said “time anxiety” is greater than “range anxiety” people have about being able to find a charging station when it comes to going all-electric.
He gave the example of a parent of a young child who wonders how they can find an extra 45 minutes in their day to charge their EV.
Ford spotlights new lineup of popular trucks
Moody said the majority of Americans consider environmental concerns in their car-purchasing decisions, but most feel a hybrid is a better fit for their lives than an EV. He pointed to last year’s Kelley Blue Book survey showing that some people say yes.
Sales of hybrid cars in the U.S. are surging as consumers see them as a more accessible, “green” alternative to electric vehicles. (license/image)
Moody believes this is due to the fact that people are familiar with hybrid technology and feel it still helps the environment.
“If the average person drives an electric car, I think they’ll like it, and I really do,” he said, noting that EVs are quiet, fast and have some great features. Still, he added, “Americans are pretty wary of being told that they have to…”
CLICK HERE TO GET FOX BUSINESS ON THE GO
So we need to be prepared for a continued increase in hybrid and plug-in hybrid vehicles, Moody said. “It’s deafening,” he pointed out.
Reuters contributed to this report.
