A big trend for 2024 is automakers dramatically slashing the prices of their EVs in response to slowing sales: Tesla has slashed prices across the board by thousands of dollars, and Jaguar Land Rover has cut its planned new EV lineup from six to four by 2026.
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Electric vehicle giant Tesla has also been hit by the sharp drop in EV sales and increased imports from China, and is slashing prices across the board in response.
Conversely, the hybrid business is booming right now. Ford’s F-150 Hybrid in particular nearly doubled sales in April despite the company losing $1 billion in its EV division. At one point, it looked as if EVs were poised to replace hybrids entirely, but as it turns out, hybrids are now winning the race. Here’s what you need to know about this market shift and why we think hybrids and plug-in hybrids are a better investment than EVs.
Differences between HEV, PHEV, and BEV
Before we go any further, let’s clarify what these abbreviations mean as we’ll be using them quite often.
- Bev: Bbattery pictureLectric Fivevehicle
- PHEV: PPlug-in HHybrid pictureLectric Fivevehicle
- Hybrid vehicles: HHybrid pictureLectric Fivevehicle
Simply put, a BEV is powered entirely by a lithium-ion battery pack, there is no combustion system inside the vehicle, and no need to refuel with gasoline. EV An abbreviation, usually Bev.
HEVs use a hybrid combustion/electric propulsion system and can run on gas or electricity alone for very short distances. There are no plug-in systems or a way to charge an HEV with an external power source. HEVs use regenerative braking to charge a small battery.
PHEVs, like EVs, can plug into charging stations and run on gas, electricity, or both. PHEVs typically have larger battery packs than HEVs, giving them a longer battery-only range. The industry standard is approaching 50 miles of electric-only range.
Considering all this, why will hybrids outsell EVs in 2024?
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EV prices are still too high
Despite recent price declines, we haven’t yet reached a tipping point when it comes to electric vehicle pricing: Cox Automotive, parent company of Kelley Blue Book, currently puts the average MSRP for an electric vehicle at about $55,242, while a comparable gasoline-powered vehicle sells for about $44,989.
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Even if you claim the full tax credit, you can still save thousands of dollars by buying a vehicle with an internal combustion engine. As for hybrids, both HEVs and PHEVs have lower upfront costs than EVs and higher upfront costs than vehicles with an internal combustion engine, but in the long run, lower maintenance costs and better fuel economy can make up for the extra cost.
Electric cars are popular, but not suitable for long distance travel
EV infrastructure is growing, but you can’t drive in any direction without being confident you’ll find a charging station before your battery dies. Charging stations are still pretty scarce in states like Alaska, Alabama, and Louisiana. Range anxiety As you travel along a long stretch of highway through seemingly endless no man’s land.
Plug-in hybrids can give you 20, 25 or even 50 miles of range on battery power alone, but that’s not your only option: the ability to run on gasoline alone means hybrids are less likely to leave you stranded than traditional ICE-powered cars.
Charging remains a hassle
“Just buy a home charger!” is a great suggestion if it’s an option. Some homes only have low-voltage wiring, and older homes won’t allow for a wall charger unless you do major work to update the wiring. If you live in an apartment or a home without a garage, you probably don’t have the space to install a home charger in the first place. If the best solution to the problem of range anxiety is a solution that’s only available to a small percentage of EV owners, it’s not much of a solution.
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Having a charger at home makes owning an EV hassle-free, not difficult.
In Alaska, the state with the lowest EV charging station penetration, just over half of the population owns a home. Many of these homes are in rural areas and rely on generators or low-voltage systems for power. So if you don’t live in a densely populated area like Juneau or Anchorage where chargers are widespread, an EV can be a very expensive option to spruce up your parking spot.
Smaller batteries reduce risk
Are electric car fires due to thermal runaway as common as the headlines make them out to be? No, but that’s not to say they aren’t a huge marketing blunder. Every time one of these lithium-ion fires occurs, it’s a huge fuss and a media frenzy. Fears that an accident or factory defect could cause an exploded cell to overheat and burn down your garage no doubt contribute to the public’s hesitation to adopt fully electric vehicles.
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The Toyota Prius Prime PHEV’s 13.6 kWh battery pack weighs about 290 pounds, roughly the squat weight of the average able-bodied young male. A 65.4 kWh battery pack like the one in the all-electric Toyota bZ4X weighs closer to 1,000 pounds. Less energy needed means smaller battery packs and less lithium-ion to store in your garage. Smaller batteries mean less minerals need to be mined, which has been one of the drawbacks of EVs from the start.
Hybrid torque fill improves engine responsiveness
High-performance hybrids like the BMW 330e and the new Lamborghini Urus PHEV are primarily marketed as offering the benefits that HEVs and PHEVs bring. performanceSo that’s hybrid torque fill. When you hear people talk about instantaneous torque, this is what they’re talking about. Essentially, a gasoline-powered engine has to deal with inertia and momentum. An object at rest tends to stay at rest eventually.
With hybrid torque fill, the electric motor momentarily powers the wheels while the engine still powers the crank mechanism. This makes the car more responsive to driver inputs when accelerating and decelerating. The electric motor can also fill torque gaps in the rev range, resulting in a flatter torque curve.
PHEVs qualify for tax credits if their batteries are large enough
The laws surrounding the $7,500 tax credit keep changing, and last time I checked, only five fully electric vehicles qualified for the full $7,500. However, the credit also applies to HEVs and PHEVs as long as they have a battery pack of 7 kWh or more and weigh less than 14,000 pounds.
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If you check with the EPA, you’ll find that the only plug-in hybrid that qualifies for the full credit is the Chrysler Pacifica PHEV. However, the $3,750 credit applies to several vehicles, including plug-in versions of the Jeep Grand Cherokee and Wrangler, and the Ford Escape PHEV. That’s some nice savings you can put towards options like the Wrangler 4xe’s Technology package, which adds a larger touchscreen, modern connectivity features, and an Alpine premium sound system. And the best part is, the government basically pays for it.
Hybrid cars have many of the same advantages as EVs.
The bottom line is that for most drivers, hybrids are just as good as electric cars when it comes to practical everyday driving.
There are many reasons in favor of fully electric vehicles: Electric vehicles are much more environmentally friendly when they are powered by green energy sources. BEVs offer performance advantages that hybrids and internal combustion vehicles simply can’t match. Total charging costs after a year will be a fraction of what it would cost to go to the gas station twice a week.
But compared to a hybrid, none of that matters much to the average driver. AAA estimates that the average American drives about 30 miles a day. The Prius Prime PHEV’s battery-only range is about 44 miles. For drivers who can go for weeks without consuming a drop of gas in a hybrid, and who also have an internal combustion engine backup, what do EVs really have to offer?
