Just over a year ago, the march of electric cars around the world seemed unstoppable. Sales were on an upswing and the general expectation was that they would soon dominate the passenger vehicle industry, supplanting internal combustion engines (ICE).
How things have changed.
In 2023, electric car sales slowed down and hybrid cars threatened to steal electric's thunder.
According to S&P Global, the penetration of all categories of hybrids has gone up from 9 per cent globally to 11 per cent in 2023 and is neck-and-neck with electric cars, though the latter are marginally ahead at 12 per cent, compared to 10 per cent in 2022.
In the United States, hybrid sales in 2023 were 1.4 million and overtook electric cars, which sold 1.2 million. Globally, sales of plug-in hybrids grew faster, going up by 43 per cent in 2023, compared to a 28 per cent increase for electric cars.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids.
As the name suggests, plug-in hybrids require to be plugged into an electric socket to charge their battery. A regular hybrid gets its battery (smaller than in plug-ins) charged by the gasoline engine - the two complement each other -- and regenerative braking.
Plug-in hybrids in China grew by 85 per cent in 2023, while electric vehicles grew by 70 per cent. In India, the popular hybrids, such as Toyota Hyryder and Maruti Suzuki's Grand Vitara, do not require to be plugged in.
The global trend towards hybrids is now visible in India, where they are being seen as an essential bridge to EV land.
This story is from the May 01, 2024 edition of Business Standard.
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This story is from the May 01, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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