Energy
Monday, April 8th, 2024 2:17 pm EDT
Key Points
- Major automakers like Ford, General Motors, Mercedes-Benz, Volkswagen, Jaguar Land Rover, and Aston Martin are scaling back or delaying their electric vehicle (EV) plans, shifting focus towards hybrids, reflecting a market trend favoring hybrids over EVs.
- Consumer interest in EVs is declining, with a Gallup poll showing that less than half of U.S. adults (44%) are considering purchasing an EV, down from 55% in 2023, while the proportion not intending to buy an EV has increased from 41% to 48%.
- Tips for car buyers include assessing driving habits, considering upfront costs, exploring available rebates and incentives, and comparing overall cost of ownership between EVs and hybrids. Plug-in hybrid electric vehicles (PHEVs) offer a middle ground, allowing for flexibility in recharging options and potential fuel savings over time.
The landscape of hybrid and electric vehicles (EVs) in the automotive market is evolving rapidly, with major automakers like Ford, General Motors, Mercedes-Benz, Volkswagen, Jaguar Land Rover, and Aston Martin scaling back or delaying their EV plans, reflecting a market trend favoring hybrids over EVs. Despite this, consumer sentiment towards EVs is declining, with a Gallup poll showing a decrease in interest among U.S. adults from 55% to 44% considering purchasing an EV. Making the decision between an EV and a hybrid can be complex, with factors such as driving habits, upfront costs, and long-term ownership costs playing crucial roles. Considering the availability of charging infrastructure, driving distances, and maintenance needs is essential, especially in areas where EV charging stations are scarce. Moreover, comparing upfront costs between EVs and hybrids is vital, with EVs typically having higher starting prices. However, available rebates and incentives, both federally and locally, can help offset these costs, making EVs more financially accessible. Another option to consider is plug-in hybrid electric vehicles (PHEVs), which offer a middle ground between traditional hybrids and full EVs, providing flexibility in terms of recharging options. Ultimately, focusing on the overall cost of ownership, including maintenance expenses and long-term fuel savings, is crucial in making an informed decision between EVs and hybrids.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/04/07/how-car-buyers-thinking-hybrid-over-ev-should-make-the-decision.html
