Electric vehicles (EVs) saw a significant surge in the Chinese new-car market in June, with a total of 875,904 EVs hitting the roads, marking a 23% year-on-year growth. This growth was driven mainly by plug-in hybrids (PHEVs), which saw a 70% increase in registrations, reaching approximately 393,000, while battery-electric vehicles (BEVs) experienced a marginal 1% improvement with around 482,500 deliveries.
The market share of plug-in hybrids doubled from 11% in June 2023 to 22% in June 2024, while BEVs recorded a slower share growth, climbing to 24% from 20% a year earlier. Between January and June, a total of 4.3 million EVs were registered, a significant increase from the 3.3 million deliveries recorded during the same period last year. EVs captured a 43% share of the new-car market, with BEVs accounting for 25% of total deliveries.
In terms of popular models, the BYD Song emerged as the best-selling EV in June, with 52,227 registrations. This midsize SUV also topped the overall new-car table, benefiting from price cuts. The Tesla Model Y secured second place with 44,110 deliveries, maintaining the brand’s relevance in the Chinese market. The BYD Qin Plus took third place with 38,901 registrations, solidifying its position as a top contender in the market.
Other notable performers included the BYD Seagull in fourth place, the BYD Yuan Plus in fifth, and the Li Auto L6 in sixth place. The market also saw record results from models like the Aito M9, Zeekr’s 001, and Xiaomi SU7, showcasing the growing popularity of EVs in China.
Looking at the overall market trends, the BYD Song led the EV segment in the first half of 2024, followed by the BYD Qin Plus and the Tesla Model Y. The top three models maintained stable positions, with the BYD Song holding a significant market share of 6.8%.
Overall, the Chinese EV market continues to show strong growth potential, with projections indicating that the plug-in share could reach 50% by the end of 2024. With increasing competition and new model launches, the landscape of the Chinese EV market is expected to evolve rapidly, paving the way for a fully electric market by 2030 or even sooner. Subscribe to Autovista24’s daily email for more insights on the latest developments in the Chinese EV market.
