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Hybrid cars register modest rebound against electric

(Bloomberg) – Hybrid cars are seeing a modest resurgence as the rise of electric vehicles prompts automakers to take a second look at this older, cheaper technology. This has been a remarkable year for carmakers. electric cars. Investors have welcomed manufacturers of pure electric vehicles, pushing the share prices of Tesla Inc. and its Chinese competitor Nio Inc. to stratospheric levels. Drivers are also joining the trend, with electric vehicle sales from China to Europe increasing despite the pandemic, but the market could become saturated. There are expected to be more than 500 EV models worldwide by 2022. Many mainstream automakers are considering their options, trying to decide which technologies will dominate in the coming decades, during a full transition away from combustion engines. The investment decisions they make today could determine whether they sink or succeed. While hybrids, which combine the power of a gasoline engine with electric motors and batteries, are now more than two decades old (the first Prius debuted in Japan in 1997), there is still a strong demand despite the fact that electric vehicles are very important. Ford Motor Co. and Toyota Motor Corp. are among the automakers that have launched new hybrid versions of their flagship brands. Non-plug-in hybrids do not receive the same kind of generous subsidies given to electric vehicles in China, Europe and California, but their appeal has increased after a multi-year decline. Hybrid car sales in the US increased by 17% last year compared to 2018; in the European Union rose 22% over the same period as the region prepares to tighten regulations on emissions. In China, Japanese brands, which account for the largest share of the hybrid market globally, sold around 30% more hybrids, making the segment one of the fastest growing in the market. By contrast, sales of electric cars increased 6% in 2019 compared to 2018, well below the double-digit growth of the previous year. The reasons are multiple. Hybrids offer savings at the gas station without generating the same range anxiety as electric vehicles. And since hybrid cars are powered by a gasoline engine (so they require smaller and less expensive battery packs), their overhead costs are lower – an attractive prospect for a consumer who wants a car that is better for the environment. environment but can’t afford the price of a Tesla.That’s the dilemma faced by car buyers like John Briggs, a mechanical engineer who lives in Massachusetts who values ​​fuel efficiency but isn’t ready to make a full transition to those. electric vehicles. He still has his hybrid Prius even though he bought Nissan Motor Co.’s popular Leaf five years ago. “The good thing about our Prius is that it is an efficient car and its range is not as limited as our electric car.” said Briggs, whose wife uses the Leaf for a short commute to and from work. They take the Prius for longer trips on the weekends. “It’s just not practical to have to stop, and the charging time is too long.” Original Note: Hybrids Are Quietly Selling Faster Than Fully Electric Cars For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2020 Bloomberg LP

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