Plugin vehicles are gaining popularity in the Chinese auto market, even during the slowest month of the year due to the Chinese New Year celebrations. Despite the festivities in February, the market saw 440,000 plugin vehicle sales (out of a total of 1.33 million units), down 9% year over year (YoY).
However, considering the fewer work days in February compared to the previous year due to New Year celebrations, a single-digit drop in sales is actually a positive sign. Breaking down the numbers, Battery Electric Vehicles (BEVs) saw a 22% decrease, while Plug-in Hybrid Electric Vehicles (PHEVs) managed to increase by 22% in February, showcasing the impressive performance of the technology in the Chinese market.
This brings the year-to-date tally close to 1.1 million units, with expectations of a strong month in March, leading to a positive end to Q1.
In terms of market share, plugin vehicles reached 33% market share in February, with BEVs alone accounting for 22% of the country’s auto sales. Looking ahead to the rest of the year, it’s anticipated that the plugin vehicle market share will reach around 35% in Q1 and close to 40% by the first half of the year.
For more details on the top selling electric models in February, see below:
#1 — BYD Qin Plus (BEV+PHEV)
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#2 — Tesla Model Y
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#3 — BYD Song (BEV+PHEV)
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#4 — AITO M7
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#5 — BYD Seagull
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For the complete list of the top 20 models, refer to the image above.
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