The electric revolution turned out to be more of a slow evolution, but the trend toward electrification is undeniable. That’s clear today as electrified vehicles grabbed a 20.2% market share in the United States during the third quarter.
Citing data from Kelly Blue Book, Cox Automotive said hybrids made up 9.8% of sales in Q3. That’s up from 8.1% a year ago and Toyota was unsurprisingly the big winner with a 50% share. They were followed by Honda (19%) and Ford (11%).
Electric vehicles also saw gains as their market share climbed from 7.9% to 8.6%. More interestingly, the chart shows how electric vehicles increased in popularity around 2022, before cooling off and experiencing more gradual growth.
Plug-in hybrid market share dropped from 2% to 1.8% over the past year. That’s a relatively small decline, but Jeep remains a PHEV powerhouse thanks to the Wrangler 4xe and Grand Cherokee 4xe. Toyota and Volvo weren’t far behind Jeep’s market share of 21% as they both controlled 15% of the segment.
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