U.S. sales of EVs and hybrids are both soaring, but there’s a key difference that distinguishes EVs: By and large, the ones that are selling well remain priced as luxury goods.
That’s one of the takeaways from an electrified vehicle sales update, released Monday by the U.S. Energy Information Administration (EIA).
Harnessing data from Wards Intelligence, the EIA found that hybrids, plug-in hybrids, and EVs combined added up to 15.8% of light-duty vehicle sales through the third quarter of 2023, versus 12.3% and 8.5% for the same periods in 2022 and 2021, respectively.
2014-2023 Sales of EV, hybrid, PHEV (U.S. EIA)
EV sales themselves have been strong. In the third quarter, EVs, hybrid, and plug-in hybrids amounted to a combined 17.7% of vehicle sales, buoyed by sales gains for each vehicle type. By powertrain, the only powertrain type that is consistently dropping in the…
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