Sales of new energy vehicles (NEVs), which include electric vehicles and plug-in hybrids (PHVs), are growing rapidly in China.
According to Chinese media, China’s NEV output exceeded 10 million units for the first time this year, and its annual output is expected to grow by 25% from the previous year. While Chinese automakers have been seeing growth in their NEV sales, Japanese and European auto brands are losing their presence in the Chinese market.
At the Auto Guangzhou 2024 trade show that kicked off November 15 in Guangzhou, Guangdong Province, nearly 40% of the about 1,200 vehicles exhibited were NEVs. Chinese automakers in particular highlighted new NEV models, aiming to boost the vehicles’ promotion to visitors.
China’s leading EV maker BYD exhibited its high-end PHV minivan Xia. PHVs can be recharged from an external power source and, by using engine, can maintain their driving range in winter, when the driving range of EVs is reduced. BYD has been strengthening its PHV line-up, aiming to respond to demand in northeastern and inland China as well as foreign countries.
PHV sales are growing. BYD sold 440,000 EVs, up 3% year-on-year, for the July-September period, while the company’s PHV sales significantly increased by 76% year-on-year to 690,000 units.