Rising Gas Prices Were Supposed to Save EVs. Instead, They Boosted Hybrids
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Despite expectations that rising gas prices would boost electric vehicle (EV) sales, hybrid vehicles have seen a significant increase in market share in the US. In Q1 2026, hybrids accounted for 15% of the market, while EVs saw a year-over-year decline in market share to 6%.
Hybrid vehicles have gained market share in the US, accounting for 15% of sales in Q1 2026. This is up from 12.1% in Q1 2025. EVs, on the other hand, saw a decline in market share to 6%. Toyota's hybrid models, including the RAV4, saw significant gains, with the RAV4 hybrid trim jumping from 17,000 units in March 2025 to 21,000 units in March 2026. Hyundai and Kia also saw huge gains in hybrid sales, with increases of 50% and 73% respectively. The increase in gas prices has not yet led to a significant boost in EV sales, despite expectations.
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