Hybrid vehicles outpaced solely battery-powered cars in China's 2024 market, indicating a preference for hybrid technology despite the overall shift away from gasoline-only cars.
Hybrid-powered vehicles are proving more popular than battery-only ones in China, even as consumers shift away from gas-only cars, full-year data show.
Chinese electric car startups that have so far only sold purely battery-powered vehicles generally delivered fewer cars in 2024 than companies which also sold hybrid models. "We still see growth in the Chinese market in terms of battery electric, but we see it sort of capping," said Joe McCabe, president and CEO of AutoForecast Solutions. He forecasts that by 2031, there will still be demand for internal combustion engine-based vehicles, including from hybrid-powered cars., the company said in a filing Wednesday. The majority of the company's cars come with a fuel tank for extending the battery's driving range.
CHINA HYBRID ELECTRIC VEHICLES BYD AUTOMOTIVE MARKET
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