Hybrid cars now have 'very few compromises' says Ford executive — and sales are booming

• Sales growth for hybrid cars is outpacing growth for electric vehicles this year.

• Ford is one automaker reaping the benefits, with demand for its Maverick truck spiking.

• "Hybrids now have very few compromises compared to their gas alternatives," Ford's Andrew Frick said.

It's shaping up to be a comeback year for hybrid cars — and that's partly because they're now nearly as good as their conventional vehicles, according to a Ford executive.

"Hybrids now have very few compromises compared to their gas alternatives," Andrew Frick, head of Ford's the Detroit automaker's gas and hybrid vehicle division, told The Wall Street Journal this week.

Hybrids have a traditional engine that charges batteries to power one or more electric motors, which makes them more efficient than gas-only vehicles. Many do not need to be plugged in like EVs, although some models can also be charged like one.

Frick's comments come as demand for hybrid vehicles soars, partly due to drivers' worries about charging electric cars. Those concerns have dented sales of EVs in recent months.

Another benefit of hybrids is that they're a lot cheaper than their fully electric rivals. Buyers were paying $42,500 on average for hybrids in late 2023, according to data from Edmunds, compared with $60,500 for EVs and $47,500 for gas cars.

Cox Automotive expects 14% of the 15.7 million new vehicles sold in the US this year to be hybrids, higher than the 10% market share for EVs. There are about 70 hybrid models to choose from and they're often significantly cheaper than electric cars.

Hybrid car sales growth in January was five times that of EVs, according to data from Morgan Stanley, with Ford emerging as one of the major beneficiaries of that trend.

Sales of Ford hybrids jumped 37% in the first two months of 2024, with the hybrid version of the Maverick pickup truck leading the charge.