Summary
– Chinese auto market sees a rise in plugin vehicle sales, with BEVs and PHEVs both showing significant growth
– Plugin vehicles account for 44% of the market share in April, with BEVs alone making up 26% of sales
– BYD dominates the market with several models in the top 10, while Tesla’s Model Y is the best selling non-BYD model
– BYD’s midsize SUV, the Song, continues to lead the market with strong sales numbers
– BYD Group leads in the auto groups selling the most electric vehicles in China, with Geely-Volvo following as a distant runner-up
Article
Plugin vehicles are gaining popularity in the Chinese auto market, with sales reaching 703,000 units in April, up 27% year over year. Breakdown of sales by powertrain shows that battery electric vehicles (BEVs) were up 10%, while plug-in hybrid electric vehicles (PHEVs) jumped 65%. BEVs accounted for 59% of sales, below the year’s average of 65%, indicating the increasing popularity of plug-in hybrids. The market share for plug-in vehicles in April was 44%, with BEVs alone contributing 26% to total sales. BYD dominated the market, with the Tesla Model Y being the best-selling non-BYD model, while the Nissan Sylphy was the top-selling ICE model.
BYD placed five out of six models in the overall top 10, benefitting from its recent focus on electric vehicles and price cuts. The A and D segments had 100% podium positions for plug-in electric vehicles (PEVs), while the C segment still saw dominance by ICE vehicles. BYD led in every category except the C segment, showcasing its dominance in the market. The AITO M9 yacht and the BYD Yuan Up made surprising appearances in the rankings, indicating the shifting trends in the market towards electric vehicles.
The top four best-selling models in April mirrored the overall ranking, with BYD’s Song and Qin Plus leading the pack. The Tesla Model Y and BYD Seagull also made it to the top five best-selling electric models. BYD continued its domination in the top 20 best sellers, with multiple models in the rankings. Looking at the top 20 electric vehicles in China from January to April 2024, BYD retained its leadership position with models like the Song, Qin Plus, and Seagull maintaining their positions. The market continues to see strong competition from domestic brands, with BYD leading the pack.
BYD remained the top brand in terms of electric vehicle sales, with a market share of 29.8%. Domestic brands like Geely and AITO also saw significant market share, while foreign brands like Tesla and Wuling faced challenges. Looking at the overall brand ranking, BYD continued to lead, followed by Volkswagen and Toyota. However, BYD and Geely showed growth while other brands like Tesla and Honda faced sales declines. BYD Group remained dominant in the auto group rankings, with strong performances from its premium branches. Geely-Volvo and SAIC followed as distant runners-up.
The market in China continues to see shifts in the popularity of electric vehicles, with BYD maintaining its dominance and other domestic brands gaining momentum. The competition between domestic and foreign brands remains fierce, with BYD leading the charge in electric vehicle sales. The market dynamics show the increasing preference for electric vehicles, with BYD’s success attributed to its diverse lineup and competitive pricing strategies.
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