Twenty-five years after introducing many Americans to hybrid vehicles with the Prius, Toyota Motor
is targeting significant growth in plug-in hybrid electric vehicles, or PHEVs.
Such cars can function as an all-electric vehicle for a certain number of miles before they need a traditional gas-powered engine.
Unlike traditional hybrids like the Prius that use a small amount of battery technologies, PHEVs also need to be charged with a plug, like an EV, to use the electric range.
PHEVs aren’t new. Toyota first introduced the Prius as a PHEV in the U.S. in 2016, but such plug-ins are experiencing a renaissance as automakers try to meet federal fuel economy standards and emissions regulations.
They’ve also acted as potential steppingstones to all-electric vehicles for consumers who might be hesitant to go fully electric.
“We are going to grow our PHEV volume through the lineup over the next few years,” David Christ, head of the Toyota brand in North America, told CNBC during a visit to the company’s North American headquarters.
“We love the PHEV powertrain. We’re working to increase, perpetually increase, the amount of miles you can drive on EV-only range.”
Company sources said Toyota plans to increase PHEVs from 2.4% of its U.S. sales volume last year to roughly 20% by 2030.
However, they said that could change based on regulations, customer acceptance of electrified technologies and affordability, among other factors.
Credit: cnbc
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