Hybrid vehicle market share has picked up pace in 2023 despite all the investment pouring into EVs.
From October 2022 to October of this year, total vehicle market share for hybrids grew from 6.5% to 11.4%, according to data from Edmunds.
Over the same time period, EV market share growth was more sluggish, expanding from 6% to 7.5%.
Toyota 's 2024 Prius, often called the "gold standard" in hybrid vehicles, was named MotorTrend's car of the year.
The uptick in hybrid sales won't likely spell doom and gloom for the EV market over the long-term.
Persons:
Stephanie Valdez Streaty, Valdez Streaty, Edmunds, Goldman Sachs, Tesla, Mark Delaney, David Christ, Honda, Michelle Krebs, Sienna, Krebbs, Ford, Dan Levy, Levy, EVs, headwinds, BEV, Tom Narayan
Organizations:
Cox Automotive, Ford, General Motors, Wall, Toyota, ICE, EV, Toyota Motor's, Wall Street, Los Angeles Auto, FactSet, Tesla, Barclays, GM, Biden, U.S, BMO Capital
Locations:
Edmunds, U.S