Summary
- Plugin vehicles in China had a record month, with a 46% year-over-year growth to 1,379,000 units
- Full electrics (BEVs) accounted for 55% of the plugin market in December
- The progress in plugin share has been driven by PHEVs, while BEVs seem to be plateauing
- Chinese OEMs aiming to double sales must focus on exports
- The BYD Song was the best-selling model, followed by Tesla Model Y in December 2024, with BYD Seagull making significant progress.
Article
In December 2024, plugin vehicles in China had a record month, with a 46% year over year growth to a total of 1,379,000 units. Full electrics (BEVs) accounted for 55% of the plugin market in December, with the final 2024 number ending at 52% for BEVs. The progression of plugin share in recent years has been driven by PHEVs, with BEVs plateauing around 20-something percent. By the end of 2024, the plugin market had a 48% share, with BEVs alone at 25%.
Chinese OEMs aiming to double their sales may need to focus on exports to sustain their growth. The top four best-selling vehicles in China were all plugin vehicles, with the BYD Seagull making a significant jump from 10th in 2023 to 4th in 2024. ICE vehicles, particularly sedans, are facing resistance in the Chinese market as plugins dominate most categories.
In terms of best-selling models in December 2024, the BYD Song (PHEV+BEV) led the pack with impressive sales, followed by the Tesla Model Y. The BYD Seagull, BYD Qin Plus, and Wuling Mini EV rounded out the top 5. Several models saw their best-ever sales in December, indicating a strong market for EVs in China.
Looking at the overall best-selling EVs in China for the year 2024, the BYD Song retained its top position for the third consecutive year, followed by the Tesla Model Y and the BYD Qin Plus. BYD dominated the market with seven models in the top nine positions, winning in multiple size categories. BYD’s dominance might face more competition in 2025, especially from models like the Xiaomi Su7 and the Tesla Model Y.
Changes in the overall brand ranking showed BYD continuing to lead the market in 2024, while Volkswagen and Toyota maintained their positions. Geely rose to the 4th position, overtaking Honda, which experienced a decline in sales. BMW’s ranking dropped in 2024, reflecting a challenging year for legacy OEMs in China. Up-and-coming brands like AITO, Leapmotor, and Zeekr showed significant growth in market share.
BYD and Tesla remained strong contenders in the brand EV ranking, with Wuling also maintaining its position. Geely and Li Auto showed promising growth in market share, hinting at a potential podium position in the future. BYD’s domination in the EV market continued in 2024, with a slight drop in market share compared to the previous year. Tesla faced a slight decrease in market share, raising questions about its growth potential in China. The competition for the podium positions in 2025 is expected to be fierce, with brands like SAIC and Changan closely behind.
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