Plugin vehicles in China had a record month, with a 46% increase year over year (YoY) in the last month of the year, amounting to a total of 980,000 units. Full electric vehicles (BEVs) grew by 31% to 618,000 units, constituting 63% of the plugin market in December.
Range-extended vehicles have become trendy in China, with 40 kWh battery packs and fast charging capabilities leading to their success. The overall plugin share has made incredible progress, from 6.3% in 2020 to 37% in 2023, with an expected 50% market share by 2026. However, growth rates are anticipated to slow down.
The top 5 best selling models in December included BYD Song (BEV+PHEV), Tesla Model Y, BYD Qin Plus (BEV+PHEV), BYD Seagull, and BYD Yuan Plus.
Other top performers for the month included Wuling Bingo, AITO M7, and Li Auto’s current models.
BYD came out on top in the 2023 best seller ranking, dominating in several vehicle categories. The China market is expected to remain competitive, with a potential shift in leadership for various categories in 2024.
In terms of brand ranking, BYD secured the top spot in 2023, Tesla won the silver medal, and GAC Aion clinched bronze. Other noteworthy brands included Li Auto, Geely, Geely-Volvo, and GAC, while Volkswagen Group faced a decline in market share.
Overall, 2023 represented continued growth and competition in the China EV market, with BYD leading the charge and several other manufacturers showing promise and progress.
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