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Bentley Flying Spur Hybrid; Credit: Bentley

2020 was an unprecedented year for many industries and the automotive industry, in particular, saw a 20% drop year-on-year but registration for electric and hybrid vehicles grew more than 137% as compared to 2019. In the realm of luxury cars, there is a trend that buyers are switching to hybrid or electric cars (EVs).

For example, in the first quarter of 2021, Porsche’s fully electric Taycan outperformed the Boxter, Cayman, and Panamera in terms of sales. It only lost out to the Macan and the Cayenne. Realising that the future of the automotive industry lies in the electrification of vehicles, more luxury car makers are seizing the opportunity to introduce new models or a modified version of their existing versions.

Porsche Taycan is the luxury car maker’s first full-electric vehicle; Image: PorscheREAD MORE: General Manager Henrik Dreier on whether the Porsche Taycan will live up to the legacy of the famed 911

Sustainability is now paramount

More than just a buzzword, sustainability is a topic that is continuously talked about across different industries including food, fashion, and cars. In the motoring world, Tesla is known for being a trailblazer where sustainability is concerned. The company entered the market less than a decade ago with their first model, the Model S electric sedan, then in 2015 launched its Model X electric crossover SUV — the rest is history.

Its celebrity founder, Elon Musk has always been at the forefront of innovation, and the growing penchant for EVs has prompted other luxury car brands to seriously consider switching to manufacturing either hybrids or fully electric vehicles. The foresight of Musk has enabled his brand to conquer a significant market share.

Even if luxury car brands are reluctant to make this transition towards electrified vehicles, these companies have to abide by the new regulations set out by their governments. In Europe and China, car manufacturers have to meet strict emission standards or risk paying fines that could run in the millions or billions of dollars. With Beijing and Brussels breathing down the necks of these companies, they have little choice but to pour more money into the research and development of EVs.

In California, the state government has stated its intention of banning internal combustion engines (ICE) come 2035 and similar legislation is seen throughout the world. As a result, the market for ICE cars will likely see a drastic plunge within the next few years.

Electric car trend
Credit: CNNREAD MORE: Bill Gates and Elon Musk Twitter Feud Rages over Gate’s choice of Electric Porsche Taycan

The race to outperform

According to an article by CNN, Volkswagen Group, which owns a number of uber-luxurious brands like Porsche, Bugatti, and Bentley, has planned to invest “€30 billion ($34 billion) over the next five years to make an electric or hybrid version of every vehicle in its lineup, and it plans to launch 70 new electric models by 2028.” And by 2030, two-fifth of its cars sold will be EVs. This is an audacious plan but the Group is on its way. Under the Bentley100 strategy, the British marque’s Flying Spur and Bentayga models already offer hybrid versions and by 2025, it plans to release its first fully electric car.

READ MORE: Transparency and The Automotive

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By: Joseph Low
Title: Hybrid and Electric Luxury Car Sales Are On the Rise
Sourced From: www.luxuo.com/motoring/automobile/hybrid-and-electric-luxury-car-sales-are-on-the-rise.html
Published Date: Tue, 13 Jul 2021 10:46:11 +0000

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