Global EV sales continue to increase, but Plug-in Hybrid momentum is growing
- Reference: 1715762105
- News link: https://www.theregister.co.uk/2024/05/15/global_ev_sales_continue_to/
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According to [1]figures from Counterpoint, PHEV sales significantly rose in the first quarter of 2024, with a 46 percent year-on-year growth. Battery Electric Vehicles (BEV) registered just seven percent growth.
The shift will alarm some – Greenpeace memorably [2]described PHEVs as "the car industry's 'wolf in sheep's clothing'" thanks to their relatively limited battery-only range, and greater weight.
[3]
That said, there are plenty of issues with BEVs to put customers off. Counterpoint Research analyst Abhik Mukherjee said: "The cheaper upfront cost of PHEVs when compared to BEVs and the availability of a fuel tank that eliminates range anxiety were among the main reasons for high PHEV demand."
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There is also the issue of charging a BEV. In a country like the UK, customers without off-street parking must first find a working charge point and be prepared to navigate an often complex – and expensive – array of options to charge their battery.
Overall EV (BEV+PHEV) sales grew by 18 percent year-on-year, with China being the clear leader with a 28 percent uptick. Growth in the US was considerably more modest, with two percent overall growth recorded and a three percent drop in BEV sales.
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Along with their challenges in charging infrastructure, BEVs remain expensive. While companies such as Tesla can reduce their costs, others have found themselves facing significant losses in order to remain competitive. Ford recently announced it would [7]rethink its EV strategy amid losses and delays.
All of this makes PHEVs rather attractive to traditional automakers in the short term. Counterpoint Research noted: "The increased adoption of PHEVs is expected to continue until these automakers develop strategies to reduce BEV manufacturing costs and meet emission targets to avoid fines."
[8]Cops developing Ghostbusters-esque weapon to take out e-bike thugs
[9]US tariffs on Chinese EVs may grow from around 25% to 100%
[10]Rivian crawls out covered in $1.5B of red ink, panting that it's still alive
[11]Ford's BlueCruise driving assistant probed by US watchdog after deaths
The EV market is in an interesting place at the moment. Early adopters are tailing off, while many customers struggle to see the benefit of a BEV compared to the aggravation and cost of owning one.
Counterpoint Research associate director Liz Lee said, "In 2024, the EV market is poised for significant growth, yet signs of a slowdown also loom and the annual growth may dip below 20 percent.
"The leveling off of early-adopter interest suggests a shift in consumer dynamics to the mass market in the long term and a new phase of evolution for the EV industry." ®
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[1] https://www.counterpointresearch.com/insights/global-ev-market-q1-2024/
[2] https://www.greenpeace.org.uk/news/polluting-plug-in-hybrids-are-the-car-industrys-wolf-in-sheeps-clothing/
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZkSHwI6HzKoFdNEa13Hw0wAAAJM&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZkSHwI6HzKoFdNEa13Hw0wAAAJM&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZkSHwI6HzKoFdNEa13Hw0wAAAJM&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZkSHwI6HzKoFdNEa13Hw0wAAAJM&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[7] https://www.theregister.com/2024/02/07/ford_ev_strategy/
[8] https://www.theregister.com/2024/05/14/ghostbuster_ebike_weapon/
[9] https://www.theregister.com/2024/05/13/chinese_ev_tariffs/
[10] https://www.theregister.com/2024/05/08/rivian_q1_2024_loss/
[11] https://www.theregister.com/2024/04/29/ford_bluecruise_nhtsa_investigation/
[12] https://whitepapers.theregister.com/
Inconvenience
The problem with on-street charging points is that there are no toilets nearby and there is no space to erect a tent so that you can have some privacy while waiting few hours for your car to charge so you can drive home.
You can often see EV drivers sleeping in the nearby bushes or urinating behind the BT street cabinets. They also have some sort of mating calls "Is your car full? Is your car full?" to strangers in the vicinity of a car that is charging or just taking up a spot.
Finally when you meet one, the first thing they tell you is how much range they have left. "Mate, I've been driving whole day and I still have 20 miles left! If I turn the air con off I might just get to the charging point near my street, hopefully it will be empty. See EVs ain't that bad! How is your diesel polluting banger? Get an EV mate. I already feel like I need to cough."
PHEV FTW
I run a PHEV.
Free charging at work and supermarket. Running EV-mode in the week and petrol at the weekend. And thinking of public charging as paid parking with free fuel.
That said it still won't fully cover the ~15K uplift, versus the previous petrol/DERV equivalent of the eame model, over 3-4 years.
The AWD system is witchcraft. And amusing when you stamp on the loud pedal. Very enjoyable.
I don't know what's the situation in other countries, but here a major problem is how freakin' expensive charge points are, compared to charging at home. Per kilometer, they cost about as much as gasoline, sometimes more, which is insane. I see prices that are up to six or seven times what I pay for home power. There are prepaid plans that can mitigate that, but they still cost twice as much as home power, and they only work on subsets of charge points - which aren't exactly ubiquitous to begin with.
For people who can't charge at home overnight (due to not having their own parking space), the economics just don't work, they'll never recoup the initial BEV cost. This is one place where some kind of government intervention is probably needed; I get that home power is subsidized, but I don't see any valid reason why charging points should cost six or seven times more. That's just predatory.