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Gordon Johnson, CEO of GLJ Research, contrasted the affordability of plug-in hybrids to battery electric vehicles, spotlighting the cost benefits of the former.
What Happened: On Thursday, Johnson discussed the automotive industry’s direction regarding electric vehicles (EVs) during CNBC’s “Last Call.” He pointed out the stark price difference between plug-in hybrids and battery electric vehicles (BEVs), comparing Tesla Inc. (NASDAQ:TSLA) and Toyota Motor Corporation (NYSE:TM) emphasizing the cost-effectiveness of plug-in hybrids.
"Toyota bet on basically plug-in hybrids. Tesla bet on pure electrics," Johnson stated.
“The cost of an average plug-in [is] $27K. The cost of an average BEV [is] $44K.”
See Also: Elon Musk Rolls Out Free Full Self-Driving Trial To US Tesla Owners — But Only For A Month
Why It Matters: The conversation around EVs and plug-in hybrids is intensifying as the automotive industry evolves. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, recently argued on the same CNBC segment that consumers are gravitating towards EVs, particularly due to the high performance of Tesla batteries.
Furthermore, a report by Atlas Public Policy suggests that owning an EV, like the Tesla Model Y, could be more economical over seven years compared to gas-powered vehicles such as the Toyota Highlander. This reinforces the notion that EVs may offer better long-term value despite higher initial costs.
Amid these discussions, Tesla has been adjusting its strategy which could lead to fewer vehicle deliveries but potentially higher profitability.
Price Action: As of Monday, Tesla’s stock closed at $172.63 while Toyota saw its stock close at $252.41.
Read Next: Musk Issues ‘Hard Requirement’ To Demonstrate Tesla’s Driver Assistance Software To Buyers, Even If Delivery Process Slows: ‘This Is Very Important’
Image via Shutterstock
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