In this article, we will look at the 15 most expensive hybrid cars in 2023. If you want to skip our detailed market analysis, you can go directly to the 5 Most Expensive Hybrid Cars in 2023.
Market Analysis of the Hybrid Vehicle Industry
According to a report by Fortune Business Insights, the global hybrid cars market was worth $227.94 billion in 2022. The market is expected to grow further at a compound annual growth rate of 7.3% and reach $443.91 billion by 2030. Primary factors fueling this growth include technological advancement, fuel efficiency, favorable consumer demand trends, and government initiatives in the electrification of vehicles.
Regionally, Asia Pacific is expected to dominate the market and experience the fastest growth due to increased government initiatives in the region for environmental protection. The European market is also anticipated to grow due to strict policies regarding emissions. North America will experience promising growth with the US having the highest market share. The market is expected to experience steady growth, driven by government incentives for infrastructure development, electric vehicle subsidies, and investments in green energy solutions.
The hybrid car market is segmented into mild, full, and plug-in hybrids based on the degree of hybridization. Plug-in hybrid vehicles have dominated the market as of 2022. The plug-in hybrid vehicle category is expected to maintain a high CAGR for the forecasted period. The key factors driving their growth include improved performance, efficiency, and cost-effectiveness as compared to full hybrid vehicles.
Hybrid vehicles are leading the sustainable transportation market. According to the US Bureau of Transportation Statistics, hybrid cars held the highest share of sales compared to electric vehicles in the light vehicle market, as of 2021. Hybrid vehicles accounted for 5.5% of total vehicle sales in the US, whereas electric vehicles held a sales share of 3.2%, in 2021.
Major Players in the Industry
Some major players leading the hybrid vehicle market include Ford Motor Company (NYSE:F), Volkswagen AG (OTC:VWAGY), and Stellantis N.V. (NYSE:STLA).
Ford Motor Company (NYSE:F) is one of the leading automobile companies. On October 6, the company announced that it is expanding its BlueCruise hands-free highway driving system in Europe. Ford Motor Company (NYSE:F) is the first company to get approval to launch a hands-free highway driving system in Italy. With the launch of BlueCruise in Italy, Ford Motor Company (NYSE:F) now has its hands-free highway driving system authorized in three countries in Europe including Great Britain, Germany, and now Italy. BlueCruise is also available in the USA and Canada. Customers in Italy will be able to order BlueCruise-equipped Mustang Mach-E vehicles now that it is authorized in the country. The hands-free highway driving system is well-received by customers with more than 260,000 vehicles equipped with BlueCruise on the road. Customers are reported to have spent 1.8 million hours driving these vehicles.
Volkswagen AG (OTC:VWAGY) is leading the hybrid electric vehicles market. On October 10, the company announced that it is launching pre-sales for its advanced electric vehicles, ID.4 and ID.5. The two electric SUV models will be equipped with a new infotainment system. The GTX and Pro versions of the models will have a new driving system as well. The combined WLTP range for both models, ID.4 and ID.5, are increased to 550 kilometers and 565 kilometers respectively. Volkswagen AG (OTC:VWAGY) is offering the upgraded models at the same price as the previous models.
Stellantis N.V. (NYSE:STLA) is one of the leading multinational automotive companies. On October 11, the company announced the site for the second U.S. StarPlus Energy Gigafactory in Kokomo, Indiana. StarPlus Energy is a joint venture of Stellantis N.V. (NYSE:STLA) and Samsung SDI (KRX:006400) to manufacture batteries for electric vehicles. The new facility in Kokomo is expected to begin production in 2027. The annual capacity of the plant is 34 gigawatt hours. This is the second facility in Kokomo, Indiana. Both facilities will have a total investment of over $6.3 billion and will create more than 2,800 jobs.
While talking about the site location of the second plant, Mark Stewart, COO of Stellantis N.V. (NYSE:STLA) North America said:
“Our battery ecosystem is the foundation of our electrification strategy and our great partners Samsung SDI, the State of Indiana, and the City of Kokomo have created a compelling case for locating our sixth gigafactory in Kokomo. The BEVs coming to our North America brands play an important role in our drive to offer clean, safe and affordable mobility for all and achieve the bold goal of carbon net zero by 2038.”
Now that we have discussed the hybrid electric vehicles market and the major players, let’s look at the 15 most expensive hybrid cars in 2023.
15 Most Expensive Hybrid Cars in 2023
Methodology
To compile our list of the 15 most expensive hybrid cars in 2023, we reviewed vehicle buying platforms including, Edmunds, CarsDirect, and AutoNation. Then we filtered our research for hybrid vehicles and sorted them by highest price. We repeated this for all three platforms and formed a list of the 25 most expensive hybrid vehicles. Then we narrowed down our top 15 most expensive hybrid cars by Manufacturer’s Suggested Retail Price (MSRP) of vehicles. The MSRP for the hybrid cars in our list is obtained from Edmunds and Kelley Blue Book. It is important to note that our list includes the hybrid car models that have been launched and are available for purchase. We have excluded the vehicles that have not been launched yet. Our list ranks the vehicles based on their MSRP in an ascending order.
15 Most Expensive Hybrid Cars in 2023
15. 2023 Hyundai Sonata
Manufacturer’s Suggested Retail Price (MSRP): $25,100 – $35,325
The 2023 Hyundai Sonata is a plug-in hybrid sedan. According to the EPA, it has an MPG rating of 47. The hybrid car can travel up to an electric range of 29 miles. It is ranked among the most expensive hybrid cars in 2023 with an MSRP ranging from $25,100 to $35,325, depending upon the trim level, and variant selected.
Ford Motor Company (NYSE:F), Volkswagen AG (OTC:VWAGY), and Stellantis N.V. (NYSE:STLA) are among the leading companies dominating the hybrid vehicle market.
14. 2023 Jeep Renegade 4xe
Manufacturer’s Suggested Retail Price (MSRP): $27,805 – $32,845
The 2023 Jeep Renegade is a subcompact SUV with fuel-efficient hybrid technology. The SUV combines a 4-cylinder 1.3-litre combustion engine of 130 hp with a 60 hp electric motor. The plug-in hybrid is capable of traveling up to 26 miles of emission-free distance. The 2023 Jeep Renegade starts at $27,805 for the base model and goes up to $32,845, with added features.
13. 2023 Audi Q5
Manufacturer’s Suggested Retail Price (MSRP): $44,200 – $67,000
The 2023 Audi Q5 is a luxury plug-in hybrid SUV. According to the EPA, it has an MPG rating of 25. The plug-in hybrid car has a manufacturer’s estimated combined horsepower of 362 hp. It offers an emission-free electric range of about 23 miles. The 2023 Audi Q5 is ranked among the most expensive hybrid cars in 2023 with an MSRP ranging from $44,200 to $67,000, depending on the trim level and variant selected.
12. 2023 Jeep Grand Cherokee 4xe
Manufacturer’s Suggested Retail Price (MSRP): $39,535 – $68,940
The 2023 Jeep Grand Cherokee 4xe is a plug-in hybrid SUV. According to the EPA, it has an MPGe rating of 56. The SUV offers an emission-free electric range of 25 miles. It features a combustion engine and an electric motor to have a combined horsepower of 375 hp. The plug-in hybrid starts at $39,535 for the base model and goes up to $68,940 for the top variant.
11. 2023 Jeep Wrangler 4xe
Manufacturer’s Suggested Retail Price (MSRP): $54,735 – $69,585
The 2023 Jeep Wrangler 4xe is the plug-in hybrid version of the popular Jeep Wrangler. It has a manufacturer’s estimated MPGe of 49. The plug-in hybrid can travel up to 21 miles in an all-electric mode. The 2023 Jeep Wrangler 4xe is ranked 11 on our list of the most expensive hybrid cars in 2023 and starts at $54,735 for the base model, and goes up to $69,585 for the top variant.
10. 2023 Volvo XC90
Manufacturer’s Suggested Retail Price (MSRP): $56,000 – $79,900
The 2023 Volvo XC90 is a luxury SUV with a plug-in hybrid powertrain. According to the EPA, it has an MPGe rating of 58. The plug-in hybrid is capable of driving up to 32 miles in an all-electric mode. It has a combined horsepower of 244 hp. The 2023 Volvo XC90 is ranked on our list of the most expensive hybrid cars in 2023. The plug-in hybrid starts at $56,000 for the base model and goes up to $79,900 for the top variant.
9. 2023 Lincoln Aviator
Manufacturer’s Suggested Retail Price (MSRP): $53,340 – $89,280
The 2023 Lincoln Aviator is a three-row SUV with a plug-in hybrid engine. According to the EPA, it has an MPGe rating of 56. The plug-in hybrid is capable of driving up to 21 miles. It has a combined horsepower of 494 hp. The plug-in hybrid has an MSRP ranging from $53,340 to $89,280, depending on the trim level and variant selected.
8. 2023 Porsche Panamera
Manufacturer’s Suggested Retail Price (MSRP): $92,400
The 2023 Porsche Panamera is a plug-in hybrid car available in two trim levels; 4 E-Hybrid and 4S E-Hybrid. According to the EPA, it has an MPGe rating of 52. The plug-in hybrid is capable of driving up to 19 miles. The 2023 Porsche Panamera is ranked on our list of the most expensive hybrid cars in 2023. The plug-in hybrid has an MSRP of $92,400.
7. 2023 Mercedes Benz-S-Class
Manufacturer’s Suggested Retail Price (MSRP): $114,500 – $124,000
The 2023 Mercedes Benz-S-Class is a luxury sedan with a plug-in hybrid powertrain. According to the EPA, it has an MPGe rating of 51. The plug-in hybrid can travel up to 46 miles of emission-free distance. The car has a combined horsepower of 510 hp. The plug-in hybrid starts at $114,500 for the base model and goes up to $124,000 for the top variant.
6. 2023 BMW XM
Manufacturer’s Suggested Retail Price (MSRP): $159,000
The 2023 BMW XM is a plug-in hybrid SUV that combines a twin-turbo-v8 and an electric motor to produce a horsepower of 644 hp. According to the EPA, it has an MPG rating of 12. The plug-in hybrid can travel up to 30 miles in all-electric mode without emissions. The 2023 BMW XM is ranked among the most expensive hybrid cars in 2023. The plug-in hybrid has an MSRP of $159,000.
Investors interested in the hybrid vehicle market can look up stocks of Ford Motor Company (NYSE:F), Volkswagen AG (OTC:VWAGY), and Stellantis N.V. (NYSE:STLA).
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Disclosure: None. 15 Most Expensive Hybrid Cars in 2023 is originally published on Insider Monkey.