Hello, EV enthusiasts! Exciting news from China as the country continues to lead the charge in electric vehicle (EV) adoption. In May 2024, plug-in car registrations soared to an unprecedented 47% market share, setting new records and showcasing the rapid growth of the EV market.
Record-breaking Sales
In May, China saw a remarkable 816,875 new passenger plug-in electric cars registered, a 33% increase from the previous year. This impressive growth pushed the market share of plug-in vehicles to 47%, up from 35% in May 2023.
- All-electric car registrations: Approximately 515,000, a 22% year-over-year increase, making up 29% of total car sales and 63% of all plug-in registrations.
- Plug-in hybrid registrations: About 302,000 units, growing at an astounding 55% rate, representing an 18% market share.
Year-to-date Performance
In the first five months of 2024, over 3.3 million new plug-in electric cars were registered in China, marking a 32% increase compared to the same period last year. This equates to about 41% of the total car market.
Leading Models
The top-selling plug-in cars in May were dominated by Chinese brands:
- BYD Song Family: 55,552 units
- BYD Qin Plus Family: 48,866 units
- Tesla Model Y: 39,995 units
- BYD Seagull: 33,544 units
The highest-ranked internal combustion engine model, the Nissan Sylphy, placed fifth with 31,600 units.
Brand Dominance
BYD continues to lead the Chinese plug-in market with a 29.7% share, extending to 31.9% when including its satellite brands. Tesla follows with a 6.6% share, while SAIC-GM-Wuling, Aion, and Li Auto also hold significant portions of the market.
Looking Ahead
With the strong performance in the first half of the year, China is on track to surpass 10 million plug-in car sales in 2024, continuing its trend of rapid growth in the EV sector.
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Summary of Key Statistics:
- May 2024 Plug-in Car Registrations: 816,875 (47% market share)
- Year-over-Year Growth: 33%
- All-electric Sales: 515,000 units (22% growth, 29% market share)
- Plug-in Hybrid Sales: 302,000 units (55% growth, 18% market share)
- Top Brands: BYD (29.7% share), Tesla (6.6% share)
Keep an eye out for more exciting developments in the world of electric vehicles