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News Article

Hybrids Outperform EVs: IHS Markit

By Alejandro Enríquez | Mon, 07/05/2021 - 21:13

The electrification of the powertrain has created a diverse portfolio of green vehicles, but how are they performing in the market? "Vehicles with a hybrid powertrain are out-performing EVs," reports a brief from IHS Markit.

In April 2021, hybrids accounted for 6.1 percent of all new vehicles registered, while EVs accounted for 2.3 percent. In April 2020, hybrids were only 2.3 percent of all new registered vehicles. Hybrid and electric vehicle sales reached 8.4 percent of total sales in April 2021, according to IHS Markit. "April was the seventh consecutive month in which the combined EV and hybrid share surpassed 5 percent, a threshold not previously reached."

IHS Markit notes that Toyota is driving this change in the US market. "Over half of this rapid hybrid growth (year over year) has been driven by Toyota, where hybrid volume jumped more than six-fold to just over 51,000, led by Sienna, Venza and RAV-4 with additional volume from Highlander, Prius Prime and Prius, in that order," the firm wrote.

In Mexico, 2020 figures for the electric and hybrid market tell a similar story. Sales of EVs, plug-in hybrids and other hybrid models are steadily increasing, reports INEGI. In 2016, sales of electric, hybrid and plug-in hybrid vehicles represented 0.5 percent of total sales. In 2020, these vehicles represented 2.5 percent of the market, of which nine out of 10 were non-plug-in hybrids. Sales of EVs alone grew 27.3 percent in 2020 compared to 2019, while sales of plug-in hybrids rose 35.7 percent during that period.

Toyota is also driving hybrid vehicle sales in Mexico. The brand’s aggressive electrification strategy has set the ambitious 20 percent sales goal for electrified vehicles. “We understand that the world is a diversified territory and some countries will be able to adopt new electric vehicle technologies faster and more easily than others. However, Toyota plans for 20 percent of the company sales in 2021 to come from electrified and hybrid vehicles,” said Tom Sullivan, President of Toyota Motor Sales de México. As of the 1Q2021, hybrids represented 27 percent of the company's sales in Mexico

On an interview with MBN, Luis Lozano, President of Toyota Motor de México said Toyota's mobility revolution goes hand-by-hand with new vehicle powertrains. "Toyota now has four electrified vehicles. First there is the hybrid-electric vehicle (HEV). It is now in its third generation and serves markets that may lack charging infrastructure, such as Mexico. We also have a plug-in hybrid (P-HEV), which is similar to the regular hybrid and can be more efficient in reducing emissions. We have a battery-electric vehicle (BEV), which is the most popular in the media but will not necessarily dominate global markets. Finally, our Mirai model introduces a fuel-cell electric vehicle to the market, a hydrogen-based electric. This is a more sophisticated electrification strategy," he told MBN.

Alejandro Enríquez Alejandro Enríquez Journalist and Industry Analyst