Your next car could be an EREV
Through the first quarter of 2024 global plug-in hybrid electric vehicle (PHEV) registrations surged by 55% year-on-year to 1.2m units while full battery electric vehicle (BEV) and conventional hybrid electric vehicle (HEV) sales increased just 13% and 17%, respectively.
That represents a much more sedate expansion for BEVs so far in 2024. For comparison, in calendar 2023, BEV sales jumped by 29% year-over-year and a whopping 59% growth the year before 2022, marking the last year that BEV sales growth outpaced that of PHEVs.
The rising popularity of PHEVs over BEVs is not good news for cell and battery metal suppliers to the industry. In Q1 2024, PHEVs on average sported battery packs with a capacity 40 kWh smaller than the average BEV according to the Adamas EV Intelligence Platform.
