China’s Plug-In Car Sales Skyrocket in April 2024

What?

In April 2024, China witnessed a significant surge in plug-in electric car sales, with nearly 704,000 new passenger plug-in electric cars registered, a 30% increase from the previous year. This growth propelled the market share to an impressive 44%, up from 35% in April 2023.

Why does it matter?

China’s dominance in the plug-in electric car market is undeniable, with the country not only boasting the largest market globally but also leading in global plug-in car sales. The market share of rechargeable cars in China has been steadily climbing, reaching 40% in the first four months of 2024. The surge in registrations was primarily driven by plug-in hybrids, which saw a remarkable 65% increase year-over-year, totaling around 290,000 units.

How is it going to shape the future?

As the trend continues, it’s projected that 2024 will see over 10 million plug-in electric cars registered in China, building upon the strong start of the year. Brands like BYD and Tesla are dominating the market, with BYD models like the Song family and Qin family leading the pack. BYD maintains its stronghold in the Chinese plug-in market, holding a significant share that is expected to persist. The growth in plug-in electric car sales in China not only reflects a shift towards greener transportation but also signifies the country’s commitment to sustainable mobility initiatives.