China's plug-in vehicle market share reaches 35%

17 July 2023

In the thrilling world of the Chinese automotive market, plug-in vehicles are quickly taking over the scene. To put it into perspective, China's plug-in vehicle sales shot up by an impressive 54% compared to the previous year. The previous month alone recorded a staggering 600,000 sales, giving a new dimension to China's vehicular landscape. Not surprisingly, the country accounted for a whopping 60% of global plug-in registrations last month.

Peeling back the layers, we can see a more detailed picture of the evolution of this market. Full electrics (BEVs) alone made up a significant 24% of all auto sales in China. With such tremendous growth, it's not far-fetched to assume that China's plug-in vehicle market share could go north of 40% by the end of the year.

Undoubtedly, the trend is clear - China's plug-in market is booming, making it a critical factor in the global electric vehicle landscape. Even the figures reflect this narrative. The top sellers in May were dominated by plug-in vehicles, claiming six spots in the overall top 10. What is interesting to note here is that in other markets, one EV making it into the top 10 is cause for celebration. But in China, it's practically becoming the norm.

While various segments of the auto market are embracing electric, there's still work to be done. For instance, compact (C-segment) and full-size (E-segment) models need to accelerate their electric transition. In an interesting paradox, luxury ICE-based models from premium German brands continue to top the sales charts, seemingly undeterred by the EV wave.

Now, let's talk about the big players in China's EV market. At the top of the list, we have the BYD Qin Plus, which experienced a sales rejuvenation after a recent refresh and a price cut. Another BYD model, the midsize SUV Song, is a strong contender in the market, with an impressive 37,610 registrations in May alone.

However, it's not all Chinese EVs in the game. Tesla's Model Y managed to garner 31,054 registrations last May. That's a remarkable result, considering it was an off-peak month. In this highly competitive landscape, Tesla is currently the only foreign original equipment manufacturer (OEM) that can keep up with the pace of domestic carmakers.

Amid the continued sales dominance by BYD and Tesla, we can't overlook the impressive performance of GAC's Aion S sedan. Ending the month in the sixth position, it brings some color to the otherwise predictable BYD–Tesla supremacy in the top five.

As China continues to charge towards a future dominated by EVs, there's an evident price war within the market, not to mention the increasing competition. Yet, it's important to note that China's EV success story isn't just domestic. Models like BYD's Yuan Plus are making their mark in export markets as well.

This isn't just about China's thriving EV market - it's a preview of the world's vehicular future. With a significant market share and continual growth, China is powering the plug-in vehicle revolution, and the world is following suit - albeit from a distance.

Via