Plug-in electric car sales noted a healthy growth rate in March, while the market share exceeded 40% and is heading towards 50%, which might be reached later this year.
According to EV Volumes' data, shared by researcher Jose Pontes, roughly 743,000 new passenger plug-in electric cars were registered in China in March, 29% more than a year ago. That's about 43% of the total market—a significant improvement compared to 34% a year ago.
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Plug-in car sales surges in China
The Chinese plug-in electric car market is not only the largest one in the world, but it also represents the majority of global plug-in car sales. The share of rechargeable cars in China in 2023 amounted to 37% (compared to 30% in 2022).
In March, all-electric car registrations increased by 16% year over year to roughly 476,000, representing about 28% of the country's total volume and 64% of all plug-ins.
The big thing is the fast growth of the plug-in hybrid segment, which expanded by 62% year-over-year to roughly 268,000.
Plug-in car registrations for the month (YOY change):
- BEVs: about *476,000 (up 16%) and 28% market share
- PHEVs: about *268,000 (up 62%) and 15% market share
- Total: 743,289 (up 29%) and 43% market share
* estimated from the market share
Plug-in electric car sales in China – March 2024
During the first three months of the year, more than 1.8 million new plug-in electric cars were registered in China (up roughly 36% year-over-year). That's about 39% of the total car market.
Plug-in car registrations in January-March (YOY change):
- BEVs: about *1.14 million and 26% market share
- PHEVs: about *0.71 million and 13% market share
- Total: 1,868,452 (up 36%) and 39% market share
* estimated from the market share
For reference, in 2023, more than 8 million new plug-in electric cars were registered in China (up roughly 46% year-over-year). It was about 37% of the total volume (compared to 30% in 2022, 15% in 2021 and 6.3% in 2020).
As we wrote previously, considering the year's strong start, 2024 should be even better, most likely above 10 million units.
Model rank
In March, the BYD Song family returned at the top of the sales ranking with 62,622 new registrations (including 11,244 all-electric cars). The second most popular family was the BYD Qin Plus, with 50,394 units, followed by the Tesla Model Y (47,917).
These three nameplates were also the best-selling cars overall in China. The first internal combustion engine model was the Nissan Sylphy, which sold 29,674 units.
Top 10 plug-ins in March:
- BYD Song: 62,622 (11,244 BEVs + 51,378 PHEVs)
- BYD Qin Plus: 50,394 (16,910 BEVs + 33,484 PHEVs)
- Tesla Model Y: 47,917
- BYD Seagull: 27,866
- BYD Yuan Plus (aka Atto 3): 21,951
- BYD Han: 20,376 (6,003 BEVs + 14,373 PHEVs)
- BYD Destroyer 05 (PHEV): 18,803
- Aito M7 (EREV): 18,512
- Wuling Hong Guang MINI EV: 16,046
- Aion S: 14,758
After the first three months, the podium is in the same order as in March with the BYD Song family, followed by the BYD Qin family and the Tesla Model Y (best-selling EV).
Top 10 plug-ins in January-March:
- BYD Song: 136,920 (20,403 BEVs + 116,517 PHEVs)
- BYD Qin Plus: 107,489 (25,133 BEVs + 82,356 PHEVs)
- Tesla Model Y: 100,366
- BYD Seagull: 70,319
- Aito M7 (EREV): 69,592
- BYD Yuan Plus (aka Atto 3): 46,992
- Wuling Hong Guang MINI EV: 44,215
- BYD Dolphin: 38,271
- BYD Han: 37,594 (10,982 BEVs + 26,612 PHEVs)
- Li Xiang L7: 32,570
* BEV and PHEV versions of the same models were counted together in the source.
Brands
BYD continues to dominate the Chinese plug-in market, with a 29.3% share in the plug-in car segment (31.2% when including its satellite brands), and this is not expected to change in the near term.
Top brands by share in the plug-in segment in January-March:
- BYD: 29.3%
- Tesla: 7.1%
- SAIC-GM-Wuling: 5.8%
- Geely: 4.7%
- Aito: 4.4%
Top automotive groups by share in the plug-in segment in January-March:
- BYD: 31.2%
including Denza, Fang Cheng Bao and Yangwang brands - Geely-Volvo: 8.7%
- SAIC: 8.4%
including the SAIC-GM-Wuling joint venture (between SAIC, GM, and Liuzhou Wuling Motors) - Tesla: 7.1%
- Changan: 6.7%
