China’s electric vehicle (EV) market saw significant growth in January 2024, with both battery-electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) showing positive trends. According to data from EV Volumes, BEVs led in terms of volumes, while the PHEV market experienced the highest growth rate.
In January, PHEV sales reached 374,522 units, marking a 29.7% increase compared to the previous year. This growth can be attributed to the launch of new PHEV models in the Chinese market. On the other hand, BEV sales totaled 423,500 units, representing a 10.9% increase year-on-year. The gap between BEV and PHEV volumes narrowed to 48,978 units, the smallest difference since July 2024.
The competitive landscape in the Chinese EV market saw a shift in January, with BYD and Tesla facing challenges from new players. BYD, which had dominated the PHEV market in recent months, lost its top spot to the Galaxy Starship 7. The Starship 7 recorded 20,328 deliveries, surpassing BYD’s Song Plus model. Despite having seven models in the top 10, BYD experienced a decline in registrations for some of its key models.
In the BEV segment, the Geely Geome Xingyuan emerged as the market leader in January, breaking the dominance of Tesla and BYD. The Model Y from Tesla secured second place, while the Wuling Mini and Xiaomi SU7 followed closely behind. Both Tesla and BYD saw a decrease in volume year-on-year, signaling a potential shift in consumer preferences.
New players also made their mark in the Chinese EV market, with models like the Geely Panda Mini, Xpeng M03, and Luxeed R7 entering the top 10 rankings. These emerging players showcased strong performance and market acceptance, indicating a dynamic and competitive landscape in the Chinese EV market.
Overall, the Chinese EV market continues to show growth and innovation, with a mix of established players and new entrants driving competition and pushing the boundaries of electric mobility. As consumer preferences evolve and technology advances, the market is expected to see further changes and developments in the coming months.
