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A new report by the European Commission adds yet another real-world data point showing that plug-in hybrid electric vehicles create much more emissions than we previously thought – by an average of 3.5 times as much as lab testing indicates.

Plug-in hybrids (PHEVs) are thought to bring the best of both worlds – a large enough battery to take care of your daily tasks, paired with a gas engine for longer trips or when you can’t find a charger. There are downsides in cost and complexity, but the powertrain choice does provide more options than others.

For this reason, PHEVs have long been thought of as an ideal transitional technology between gas vehicles and electric ones. People would be able to do most of their driving on electricity and only occasionally use gas.

The problem is… that doesn’t happen.

Multiple recent studies have shown that in the real world, plug-in hybrids pollute much more than their labels would indicate – though still less than pure-fossil vehicles – both because they overstate their capabilities in electric-only mode and because people simply don’t plug them in.

The latter is referred to as “utility factor” – the percentage of time that a PHEV gets used on electric drive rather than its combustion engine. In reality, PHEV utility factors are much lower than emissions testing credits them for, which means that in practice, PHEV emissions are much higher because they use the combustion engine more often than expected.

Previous studies were done in Europe by T&E and TU Graz (T&E has done multiple studies on this) and by the ICCT utilizing data from California. In each case, PHEV emissions and fuel use were much higher than expected, though it differs for various regions and car models. Models with larger batteries – “EV-first” designs – tended to have higher utility factors and lower emissions.

However, this report is important because it was done by a government entity, rather than by NGOs.

The new EU Commission report shows “emissions gaps” – that is, the difference between expected and real-world emissions for PHEVs – that are very high in all examined countries in Europe. Gaps fell between 176% (Finland), up to 287% (Poland).

The “emissions gap” differs from country to country due to patterns in vehicle use. For example, Germany tends to have lower utility factors, and thus a high emissions gap of 284%, because PHEVs are often leased as company cars, giving companies significant benefits, and then driven like gas cars and never plugged in. But the numbers are high regardless of country.

An emissions gap also exists for petrol- and diesel-fueled vehicles, with each of them also emitting more than WLTP numbers would indicate – and therefore getting lower mileage, and having higher fuel costs, than consumers would expect by looking at the label. But those emit about ~20% more, whereas PHEVs emit on average over 200% more.

This data is particularly relevant given recent discussions about regulatory requirements for vehicles. Regulators have softened some targets, in many cases giving PHEVs additional credit for emissions reductions that data shows us are underwhelming.

For example, California’s 2035 phaseout for gas vehicles still allows 20% of cars to be PHEVs – which we now have additional evidence will emit much more than expected. Though those rules do have certain minimum requirements for PHEVs (which nevertheless could perhaps use updating to reflect real-world findings).

Also, the EPA’s new rules, finalized last week, offered multiple pathways for manufacturers to comply, one of which relies heavily on PHEVs. But it also explicitly acknowledged that current utility factor estimates are too high and need to be revised downwards, but pushed back implementation of the new utility factors to 2031 instead of 2027 – allowing PHEVs to continue to pollute for years further.

The Commission’s report will be used in future EU regulations to inform utility factors in official test procedures. A rule change is already in the plans for 2025, but the report says that the rules might need to “further adjusted” given the real-world data within it.

Electrek’s Take

We’ve long thought that PHEVs are only good if they actually get used, and in order to do that, you need to design PHEVs to be used on battery charge only.

There are a few good PHEVs that fit this description, like the Chevy Volt and BMW i3, and these models tend to have much higher utility factors than other models do. But cars which, for example, kick you out of EV mode as soon as you hit the accelerator, aren’t particularly useful in terms of avoiding fossil fuel use.

And now here we have data to confirm, once again, that PHEVs are not as clean as some – like Toyota, for example – might have you think.

I certainly know people who have had less-serious PHEVs and never or rarely plugged them in – like a friend who had an early Plug-in Prius that he didn’t even bother to plug into 120V because of its minuscule battery, and because his car’s electricity use wouldn’t be enough to make it worthwhile to install a charger and set up time-of-use charging for discounted electricity as his house.

Fortunately (?), PHEVs have also historically had the least consumer uptake, so there aren’t that many cars currently affected by this undercounting of emissions. But it is still important that we arrange regulations around this new knowledge of real-world emissions.

While EV and conventional fossil-fueled hybrid sales are both rising rapidly, PHEV sales have had significantly more modest sales growth. Part of the reason for this is likely because people who aren’t interested in plugging in will just buy a conventional hybrid, and people who are interested in plugging in would prefer the simplicity of full electric drive.

There are solutions going forward, though. As suggested in the previous T&E and ICCT studies, PHEVs should be designed with an electric-first mentality, with large enough batteries to be practical for everyday use, and regulatory schemes should use these real-world values and be centered around ensuring these vehicles be used on electric power instead of being given tax breaks for just driving around on gas. Regulators should change their schemes to take this knowledge into account – and they should do it now, not in 2031.

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SunZia Wind’s massive 2.4 GW project hits a big milestone

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SunZia Wind’s massive 2.4 GW project hits a big milestone

GE Vernova has produced over half the turbines needed for SunZia Wind, which will be the largest wind farm in the Western Hemisphere when it comes online in 2026.

GE Vernova has manufactured enough turbines at its Pensacola, Florida, factory to supply over 1.2 gigawatts (GW) of the turbines needed for the $5 billion, 2.4 GW SunZia Wind, a project milestone. The wind farm will be sited in Lincoln, Torrance, and San Miguel counties in New Mexico.

At a ribbon-cutting event for Pensacola’s new customer experience center, GE Vernova CEO Scott Strazik noted that since 2023, the company has invested around $70 million in the Pensacola factory.

The Pensacola investments are part of the announcement GE Vernova made in January that it will invest nearly $600 million in its US factories and facilities over the next two years to help meet the surging electricity demands globally. GE Vernova says it’s expecting its investments to create more than 1,500 new US jobs.

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Vic Abate, CEO of GE Vernova Wind, said, “Our dedicated employees in Pensacola are working to address increasing energy demands for the US. The workhorse turbines manufactured at this world-class factory are engineered for reliability and scalability, ensuring our customers can meet growing energy demand.”

SunZia Wind and Transmission will create US history’s largest clean energy infrastructure project.

Read more: The largest clean energy project in US history closes $11B, starts full construction


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Stablecoin issuer Circle files for IPO as public markets open to crypto

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USDC stablecoin issuer Circle files for IPO as public markets open to crypto

Jeremy Allaire, Co-Founder and CEO, Circle 

David A. Grogan | CNBC

Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.

The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle’s long-anticipated entry into the public markets.

JPMorgan Chase and Citigroup are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.

It marks Circle’s second attempt at going public. A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York.

Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier.

Read more about tech and crypto from CNBC Pro

A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently. Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.

Circle is best known as the issuer of USD Coin (USDC), the world’s second-largest stablecoin by market capitalization.

Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.

The company’s push into public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.

Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.” 

The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.

WATCH: Circle CEO on launching first stablecoin in Japan

Circle CEO on launching the first stablecoin in Japan

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BYD’s global EV takeover is far from over as overseas sales double to start 2025

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BYD's global EV takeover is far from over as overseas sales double to start 2025

After its meteoric rise in the global auto industry last year, the Chinese EV giant is off to a hot start in 2025. BYD sold over one million EVs and plug-in hybrids in the first three months of the year. Even more impressive, BYD’s overseas sales doubled to start the year as it expands into new markets. With new EVs arriving, some predict BYD could see even more growth this year.

BYD’s overseas sales are surging as new EVs arrive

BYD sold 377,420 new energy vehicles (NEVs) last month alone. Like most Chinese automakers, BYD reports NEV sales, including plug-in hybrids (PHEVs) and fully electric vehicles (EVs).

Of the 371,419 passenger vehicles BYD sold in March, 166,109 were EVs, and the other 205,310 were PHEVs. Combined, BYD’s sales were up 23% compared to last year.

BYD’s Dynasty and Ocean series accounted for 350,615, while its luxury Denza brand sold 12,620, Fang Cheng Bao had 8,051, and its ultra-luxury Yangwang brand sold another 133 models.

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Through the first three months of 2025, BYD sold over one million (1,000,804) NEVs. That’s up 60% from the 626,263 sold in Q1 2024. Fully electric models accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.

BYD-overseas-EV-sales
BYD Dolphin (left) and Atto 3 (right) at the 2024 Tokyo Spring Festival (Source: BYD Japan)

BYD’s overseas sales reached a new record last month, with 72,723 vehicles sold in markets outside of China. Through March, BYD has sold over 206,000 NEVs overseas, more than double (+110%) the number it sold last year.

BYD has made a name for itself with ultra-low-cost EVs like the Seagull, which starts at under $10,000 in China. In overseas markets, like Mexico, it’s sold as the Dolphin Mini and starts at around 358,800 pesos, or around $20,000.

BYD-overseas-EV-sales
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)

The world’s largest EV maker is quickly expanding into new segments with pickup trucks, smart SUVs, luxury models, and electric supercars rolling out.

Last week, BYD launched the Yangwang U7, its first ultra-luxury electric sedan. With four electric motors, the U7 packs 1,287 horsepower, good for a 0 to 62 mph (0 to 100 km/h) sprint in just 2.9 seconds. It also has up to 720 km (447 miles) CLTC driving range.

BYD's-ultra-luxury-EV-sedan
BYD Yangwang U7 ultra-luxury electric sedan (Source: Yangwang)

The Porsche Panamera-size EV is loaded with BYD’s top-tier “God’s Eye” A advanced driving assistance system, DiPilot 600, and a host of other premium features. All of that, and it starts at just just 628,000 yuan ($87,700).

In Europe, BYD is aggressively expanding with new vehicles tailored to buyers in the region, like the Sealion 7 midsize SUV and Atto 2. It’s also expected to launch the low-cost Seagull EV in Europe later this year or early 2026 as the “Dolphin Surf.”

BYD-overseas-EV-sales
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)

According to S&P Global Mobility, BYD’s sales are expected to double in Europe this year to around 186,000. By 2029, that number could reach 400,000 or more.

BYD outsold Honda and Nissan in 2024. As it aims to sell 5.5 million vehicles this year, BYD could be on track to surpass Ford in global sales this year. BYD also aims to sell over 800,000 EVs overseas in 2025, double the number it sold last year.

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