The Chinese electric vehicle (EV) market saw significant growth in August 2024, with a year-on-year increase of 38% and one million registrations. Despite an overall market decline of 1%, EVs accounted for 54% of new car registrations, with battery-electric vehicles (BEVs) making up 31% of the total.
Plug-in hybrids (PHEVs) were the driving force behind EV growth in August, with registrations increasing by 78% to 442,000 units. BEV deliveries also saw a rise of 19% to 583,000 units, making up 57% of the plug-in market.
From January to August, China recorded 6.2 million EV registrations, up from 4.7 million the previous year. This growth resulted in a plug-in market share of 46%, with BEVs accounting for 26% overall.
BYD dominated the market in August, with six of the top 10 EVs coming from the carmaker. The BYD Song was the best-selling model with 59,087 sales, followed by the BYD Seagull in second place with 46,830 registrations. The Tesla Model Y secured third place with 45,330 registrations, showcasing its continued relevance in the Chinese market.
Other BYD models such as the Qin Plus, Qin L, Destroyer 05, Yuan Up, Song L, Dolphin, and Han also performed well, with a total of 11 BYD models in the top 20. The Wuling Mini EV and Bingo also achieved record sales in August, along with the Aito M9.
Outside the top 20, models like Chery’s Fengyun T9 PHEV, Geely’s Galaxy E5, and Leapmotor’s C16 also recorded impressive sales numbers. The VW ID.3 was the only highlight among foreign OEMs, reaching a year-best score of 9,468 units.
Segmented views showed that EVs dominated across all vehicle segments and powertrains in August, except for the C-segment. BYD led the A-segment and focused on the D-segment, while the Wuling Bingo topped the B-segment and the Aito M9 led the full-size category.
Overall, there were minimal changes in the top 20 rankings throughout the first eight months of 2024, with the BYD Song, Qin Plus, and Tesla Model Y maintaining their positions at the top. Lower down the table, models like the Li Auto L6 and new BYD Qin L showed potential for improvement in the coming months.
The Chinese EV market continues to show strong growth and competition among manufacturers, with BYD and Tesla leading the way in sales and market share.
