China’s Electric Vehicle Market Sees Surge in Plug-in Hybrid Sales
The electric vehicle (EV) market in China experienced a significant boost in April, with plug-in hybrids (PHEVs) showing impressive growth. BYD models, in particular, dominated the market during this period. José Pontes, data director at EV Volumes (part of J.D. Power), delved into the performance alongside Autovista24 journalist Tom Hooker.
In April, a total of 703,788 EVs hit the roads in China, marking a 27% increase compared to the previous year. This surge in registrations included both battery-electric vehicles (BEVs) and PHEVs, with plug-ins capturing a 44% share of the new-car market. BEVs alone accounted for 26% of total registrations in April.
PHEV deliveries saw a remarkable 65% rise during the month, while BEV registrations increased by 10% year on year. BEVs maintained a 59% share of the plug-in market in April, although this was down from the average performance seen earlier in the year.
The first four months of 2024 saw over 2.5 million EVs being delivered in China, a substantial improvement from the 1.9 million registrations recorded during the same period in 2023. EVs accounted for 39.5% of new-car deliveries from January to April, showcasing a significant increase from the 33% plug-in share observed in the corresponding period last year.
BEVs held a 26% market share, up from 23% in the same period in 2023, while PHEVs accounted for 14% of registrations in China, an increase from 10% during the first four months of the previous year.
The trajectory suggests that EVs could make up over 40% of new-car sales in China by the end of the first half of 2024, potentially exceeding 50% by the year’s end.
BYD Dominance in April
BYD models emerged as the top performers in China’s EV market in April. The BYD Song led the pack with 54,300 deliveries, including 8,403 BEV units. The midsize SUV faced competition from internal models like the Song L, with upcoming models such as the BYD Sea Lion 07 and Denza N7 also poised to challenge for the top spot.
The BYD Qin Plus claimed the second spot with 46,314 registrations, including 15,479 BEV models, making it the second-best performer overall. The BYD Seagull secured third place with 28,797 deliveries, consolidating BYD’s dominance in the EV market.
The Tesla Model Y, the only foreign-made model in China’s top 20, ranked fourth in April with 26,356 registrations, a slight decrease of 2% compared to the previous year. The crossover outperformed the best-selling internal-combustion engine (ICE) model, which could only manage fifth place.
BYD models continued to dominate the market, with the BYD Yuan Plus finishing fifth with 23,327 deliveries. The crossover faced potential competition from the upcoming BYD Yuan Up, a more affordable model expected to launch in the future.
BYD’s Strong Presence
BYD further solidified its position in the market as the most popular EV brand in China for the first four months of 2024, accounting for 29.8% of all deliveries. Tesla saw a significant drop in market share, while Wuling and Geely also experienced losses.
Premium brands like BYD Group and Geely-Volvo continued to hold significant shares in the market, with BYD Group maintaining its dominance. Tesla, Changan, and other manufacturers also showcased strong performances in the evolving EV landscape.
Looking Ahead
The EV market in China is poised for continued growth, with EVs expected to play an increasingly significant role in the country’s automotive industry. With strong performances from brands like BYD and Tesla, coupled with the introduction of new models and technologies, the future looks promising for the electric vehicle sector in China.
