Even though in 2023 combined electric vehicle (EV) sales in the US were up by just under 50 percent over 2022, many industry analysts believe 2024 will be the beginning of a slowdown in battery electric vehicle (BEV) sales.
Considering the rapid growth of the EV market, a sales contraction was always inevitable. However, the slowdown cannot merely be attributed to a natural loss of cadence, lingering first-time buyers’ concerns are beginning to register as purchase resistance in several consumer-facing surveys.
With many legacy OEMs still finding their feet in the nascent EV market, one solution that promises a temporary reprieve from the anticipated drop in BEV sales is the plug-in hybrid electric vehicle (PHEV). Although PHEVs have been around for many years they largely fell out of favor because of their larger, more costly batteries (compared to hybrid EVs), technical complexity of their drivetrains, and limited contribution to EPA fleet-emissions targets.
However, it looks like things are starting to change. Download our latest insights piece to find out more on the impact & implications the move to PHEVs will have on future vehicle manufacturing.
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