The automotive industry’s transition towards zero-emission drivetrains has been a mixed success to date. While year-on-year sales of electric vehicles (EVs) worldwide continue to increase, there are also signs of a stall on the horizon. Sales of plug-in hybrid electric vehicles (PHEVs) are rising significantly quicker than pure-electric: 42% growth year-on-year in Q1 2024 compared to just 7%. Toyota, which has repeatedly lobbied against the transition to EVs, is betting heavily on PHEVs, which accounted for one-third of its 11.2 million vehicle sales in 2023.
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