Demand for hybrid vehicles on the rise across the US; here are the best deals being offered

The demand for hybrid cars in the US is on the rise with changing consumer preferences. The high rate of inflation in the US and the lack of charging infrastructure for EV vehicles is pushing car buyers towards exploring the hybrid vehicles segment. This development comes as many car manufacturers are offering steep discounts on EV vehicles and the Biden administration too is offering tax credits. The cost of used EV vehicles is cheaper than the cost of used hybrid vehicles. The car dealers and manufacturers have started promoting hybrid vehicles. There are many deals being offered to Americans to purchase hybrid vehicles.

Promoting hybrid vehicles:

As per the data provided by CoPilot which is a car-shopping app, dealers have 58-market-day supply of new hybrid vehicles as compared to 104-market day supply of new electric cars and 69-day supply of traditional gas cars. Further, two years ago, the market share of hybrid and EV vehicles was almost equal at 5.8% and 5.2% respectively, according to Edmunds. The share of hybrid vehicles in May 2024 stood at 9.1% and EV continued to remain at 6.8%.

As compared to EV and gas-powered vehicles, hybrid vehicles are being sold on an average in 29 days. It takes 74 days to sell an EV vehicle whereas it takes 53 days to sell a gas-powered vehicle.

Hybrid car deals:

Edmunds has reported that there are numerous deals offering discounts on hybrid vehicles this month. On the 2023 Kia KR: 000270 Sorrento hybrid (cost is USD 36,690) a discount of USD 3070 can be availed, a discount of up to USD 2500 on the 2024 Audi VWAGY SQ7 (cost is USD 90,400) and a discount up to USD 2150 on the 2024 Kia Niro (priced at USD 26,940).

Further, discounts up to USD 2000 can be availed on the 2024 Toyota TM Tundra (priced at USD 57,625), 2024 Ford F Escape (priced at USD 33,340) and 2024 Ford F-150 priced at USD 68,035.

Toyota is also offering a discount of USD 1000 on the following models: Toyota Prius (USD 27,950), Corolla (USD 23,500) and Camry (USD 28,855).

The actual prices and discounts offered may vary depending on the state. It is advisable to contact the local dealership before making any purchase.

FAQs:

What are the main challenges with EV vehicles?
The charging infrastructure is the main issue. In the US, charging infrastructure grew by 55% in the year 2021. There is also the issue of battery storage and manufacturing.

Does Ferrari manufacture any EV?
The company has announced that it will be manufacturing its first EV vehicle. It may be priced at approximately USD 535,000. This is the basic price.

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