High Gas Prices Are Driving Hybrid Vehicle Demand Instead of EVs

By: Stephanie Bontorin | Published: Apr 23, 2024

While many groups are pushing sales for electric vehicles, many consumers are turning to hybrid cars during cost of living increases. 

Ford Motor Co. expects massive sales for their hybrid trucks in 2024.

Big Sales for Hybrid Trucks

This year, Ford speculates that one fifth of their F-150 pickup trucks will be the PowerBoost Hybrid.

A man wearing a white shirt and a black suit stands in front of a black sports car

Source: @ValleyTuning/X

Jim Baumbick, Ford’s vice president for product development operations, said in an interview that the popularity of hybrid vehicles seems to be lasting much longer than anticipated and that they hope to meet consumer demands.

What Is a Hybrid Vehicle?

A hybrid car or truck uses both an internal-combustion engine (gas powered) and an electric motor (battery) for propulsion.

A close up of an electric vehicle charging port

Source: Wikipedia Commons

Hybrid vehicles have a small, high-voltage battery to power the car which means they do not need to be recharged. The car essentially starts using gas power but will switch to using the battery whenever possible.

Immediate Fuel Savings for Customers

One of the biggest draws of a hybrid vehicle for consumers is the instant gas savings. Gas bills are growing exponentially in the past few years and customers are in desperate need of cutting costs. 

A man wearing a yellow sweater pumps gas into a white car

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Hybrid vehicles represent an easy transition for customers who aren’t yet ready to make the completely electric switch. The transition can be difficult for some who are concerned about safety and long driving distances.

Hybrids Can Be a Better Choice in Cities

For people living in big cities, hybrids can often be a better choice over electric vehicles for a number of reasons. 

A view of a large street in a city filled with cars and high rises on either side of the road

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Many people who live in apartment buildings, high rises, and even townhouses, do not have access to outlets. Electric cars are generally charged most nights while sitting in the driveway.

EV Charging Cords Are a Big Issue in Some Neighborhoods

In San Francisco, the city has had to crack down on the instance of extension cords going over public sidewalks to charge cars.

A woman leans against a grey car with a charging cable laid on the sidewalk

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The issue causes mobility issues for strollers, wheel chairs, and disabled people while also being unsightly. Many old homes in San Francisco were built without driveways and homeowners might rely on street parking.


Hybrid Vehicles Can Still Cut down on Emissions

The model of using a hybrid vehicle for everyday travel and commutes can still have a big impact on overall car emissions.

An aerial view of large intersecting highways in a city center

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The infrastructure in most cities still favors gas powered cars. Drivers experiencing better fuel mileage are helping the environmental impact.


Ford Plans on Selling a Full Hybrid Lineup

In the next 10 years, the Ford Motor Co. hopes to provide a full hybrid lineup of vehicles.

A white pickup truck sits in a small parking area surrounded by rolling green hills and dark clouds

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The expansion directly targets trucks and more heavy duty vehicles previously known as gas guzzlers harming the environment.


EVs Are Still Too Expensive for Many

Since electric vehicles are relatively new on the market, they are still prohibitively expensive for the average consumer.

A black car connected to a white charging station in an underground parking lot

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The price comes down to the size of the battery, which is also expensive to replace. Hybrids have a much smaller and more cost-efficient battery running the vehicle.


Many Car Manufacturers Discontinuing EV Sales

Recently, GM decided to discontinue the Bolt EV due to declining sales and increasing long term mechanical issues found with the car.

A blue compact SUV drives along a country road surrounded by red fall foliage

Source: Hyundai Motor Group/Unsplash

Both Ford and GM have slowed down their EV production.


Tesla Stocks Dropping Rapidly

For a while, the Tesla was the hot new car on the block. The company’s sales increased dramatically over a short period of time and made Elon Musk one of the richest men on the planet. A Tesla soon became a status symbol more than just a commitment to environmentalism. 

A white car is parked on a small parking spot in front of a wide canyon and a mountain

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However, Tesla stock has been dropping over the past two months. They do not offer an affordable or economic model for the masses and the popularity has cooled down.


Hard To Predict Long Term Car Trends

The lifecycle of a car is much longer than most commercial products. Car manufacturers can have a difficult time predicting and keeping up with trends.

A busy road filled with cars. Next to the road a large train platform and buildings are seen.

Source: Connor Williams/Unsplash

For now, hybrid models seem to be favored over EVs and production of fully electric cars will slow down.