- Tesla accuses hybrids of stealing electric vehicle sales.
- Cheap hybrid cars have become a popular choice among green car buyers.
- This is a real problem for Tesla, which does not sell hybrids.
Tesla points the finger at hybrids as demand for its electric cars sees a decline.
In the opening page of its first-quarter earnings presentation, Tesla blamed an industry-wide focus on these partially battery-powered cars for putting pressure on global electric vehicle sales and, by extension, , on Tesla sales.
“While this is positive for our regulatory credits business, we prefer that the industry continues to promote the adoption of electric vehicles, which is consistent with our mission,” Tesla wrote.
Elon Musk’s Tesla is right that hybrids are having a moment right now.
Major automakers like GM — which were once all-in on electric vehicles — are now prioritizing hybrid models as demand for electric vehicles slows, and Toyota, once considered a laggard when it comes to electric vehicles, is dominating the green car market with its hybrid range.
The problem for Tesla: it doesn’t sell hybrids.
Musk’s electric vehicle company has been cutting prices for the past year and a half in an effort to boost sales. But a new cohort of green car buyers are looking for more than affordability.
After years of wealthy early adopters clamoring for expensive new technologies, today’s electric vehicle buyer is more frugal and practical – and more interested in hybrid models that meet their everyday needs.
This phenomenon showed up in Tesla’s first quarter deliveries report earlier this month, when the company reported its lowest quarterly sales numbers since 2022.
businessinsider
