FYI: Plug-in electric car sales in China surged in June, reaching a remarkable market share of 49.9%, signaling a major shift towards electrification.
Record-Breaking Month for Plug-in Sales in China
China’s plug-in electric vehicle (EV) market is breaking new ground. Sales in June achieved the second-highest monthly volume ever, with a near-majority market share of 49.9%. This impressive milestone means that nearly half of all new passenger cars sold in China are rechargeable, dwarfing the figures seen in Europe and the U.S.
June Plug-in Electric Car Sales
According to EV Volumes’ data, as reported by researcher Jose Pontes, China registered 875,904 new passenger plug-in electric cars in June. This represents a 23% increase compared to the same month last year. While the rise can be attributed largely to plug-in hybrids (PHEVs), their growth could eventually outpace that of all-electric vehicles (BEVs).
The Numbers in Detail
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Battery Electric Vehicles (BEVs):
- Volume: ~482,500 units
- Annual Growth: 1%
- Market Share: 28%
- Plug-in Hybrid Electric Vehicles (PHEVs):
- Volume: ~393,000 units
- Annual Growth: 70%
- Market Share: 22%
Twilight of Internal Combustion Engines (ICE)
In a symbolic shift, nearly half of all new car registrations in June were for either BEVs or PHEVs. If current trends continue, plug-in vehicles could surpass 50% market share as early as July, signaling the twilight of internal combustion engines in China.
First Half of 2024 Overview
During the initial six months of 2024, China saw over 4.26 million new plug-in electric cars registered, a 31% increase over the previous year. This represents about 43% of the nation’s total car market.
- BEVs: ~2.55 million units, 25% market share
- PHEVs: ~1.69 million units, 18% market share
2023 in Retrospect and 2024 Forecast
In 2023, China registered over 8 million new plug-in electric cars, a 46% increase from 2022, making up about 37% of the total volume. With 2024 off to a strong start, it appears on track to exceed 10 million annual plug-in car sales.
Top-Selling Models and Brands
In June, the top four plug-in car models—the BYD Song, Tesla Model Y, BYD Qin Plus, and BYD Seagull—were also the best-selling cars overall in China. Non-rechargeable models like the Nissan Sylphy trailed behind.
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Top 10 Plug-In Models in June:
- BYD Song: 52,227 units
- Tesla Model Y: 44,110 units
- BYD Qin Plus: 38,901 units
- BYD Seagull: 35,201 units
- BYD Yuan Plus (Atto 3): 23,918 units
- Li Xiang L6: 23,864 units
- BYD Destroyer 05 (PHEV): 19,441 units
- BYD Han (PHEV): 18,698 units
- Tesla Model 3: 18,151 units
- BYD Qin L PHEV: 18,021 units
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Top Brands by Market Share (January-June):
- BYD: 30.8%
- Tesla: 6.8%
- Li Auto: 4.6%
- SAIC-GM-Wuling: 4.6%
- Aito: 4.4%
- Top Automotive Groups by Market Share (January-June):
- BYD: 32.9%
- Geely-Volvo: 7.9%
- Tesla: 6.8%
- SAIC: 6.7%
- Changan: 6.5%
Conclusion
China continues to set a rapid pace in the global shift towards electric mobility. With nearly half of new car registrations being plug-ins and significant growth across both BEVs and PHEVs, China is poised to drive significant advancements in the EV market throughout 2024 and beyond.
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