Despite the global trend towards electric vehicles, China is witnessing a surprising preference for hybrid models. Market data reveals that BYD, the leading Chinese automaker, sold over half its vehicles in 2024 as hybrids, a stark contrast to the previous year. This trend extends to other Chinese carmakers, with those offering both hybrid and battery-only options outperforming pure electric vehicle startups.
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. Market leader BYD said well over half of the 4.3 million passenger cars it sold in 2024 were hybrid-powered. That's a reversal from 2023. 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.
BEIJING — 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.it sold around 4.3 million passenger cars in 2024. Nearly 2.5 million of those vehicles were hybrid-powered, a reversal from 2023 when BYD sold slightly fewer hybrid cars than battery-only vehicles., which sells battery-only cars, is on track to sell more than 600,000 vehicles in China for a second-straight year, according to CNBC calculations of data from the China Passenger Car Association. Elon Musk's car company is expected to release 2024 figures in the U.S.' morning hours on Thursday.'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.Chinese electric car startups that have so far only sold purely battery-powered vehicles ranked lower in full-year deliveries. Electric carmaker The final tally for Nio and Xpeng for the year include figures for the companies' lower-priced brands, which began deliveries in the second half of 2024
CHINA AUTO HYBRID ELECTRIC VEHICLES BYD
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