(NewsNation) — An estimated 1.2 million EVs will be sold in the U.S. by the end of 2024, according to J.D. Power. That’s an increase of more than 1 million from 2023.
It’s indicative of an increased demand for the vehicles amid President Joe Biden’s push to lower emissions. The administration’s rules, finalized in March, would require a significant amount of the nation’s new car production to be electric or hybrid.
Hybrid plug-in vehicles, which offer an internal combustion engine as backup to a rechargeable battery, have been on the market for more than a decade. Interest, however, has been slow to accumulate until recent years.
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According to automative research site Edmunds, the number of plug-in hybrid models on sale nationwide has doubled since 2019 to nearly 50.
Sales have followed suit, increasing nearly 31% in the second quarter of 2024, according to analytics firm Wards Intelligence. According to Associated Press reporting, sales of gas-electric hybrids skyrocketed 35.3% from January through June to 715,768, eclipsing fully electric vehicle sales.
But with increased demand and variety in models comes an inflated price. Edmunds estimates the average plug-in hybrid sold for roughly $63,000 in July — more than $4,000 higher in cost than the average electric vehicle.
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In 2022, it was the opposite, with electric vehicles costing thousands more than their hybrid counterparts.
Luckily for consumers, the electric and hybrid vehicle resale market is trending cheaper than 2023, according to Edmunds.
The average price of a used hybrid stands at $32,038, down 5.1% from the April to June period of 2023.
NewsNation’s Rich Johnson and The Associated Press contrbited to this report.
