Jul 09, 2024 08:09 PM

Chart of the Day: ‘Range Anxiety’ Drives Up Demand for Hybrids in China

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Plug-in hybrids outdid pure electric vehicles (EVs) in China sales growth in the first half of this year, industry data showed, as hybrid cars continue to benefit from consumers’ “range anxiety.”

Retail sales of plug-in hybrids soared 69.5% year-on-year to 1.69 million vehicles in the first six months, while consumers bought 2.43 million pure EVs, up 15.8%, according to data released Monday by the China Passenger Car Association.

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Sales of plug-in hybrids in China surged 69.5% year-on-year to 1.69 million in the first half of the year, while pure EVs grew by 15.8% to 2.43 million.
Total NEV sales increased by 33.1% due to ongoing consumer concerns about EV range anxiety.
Hybrid and pure EV markets are expanding, with experts predicting equal market shares, and major companies like Geely and Xiaomi rolling out new hybrid models.

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Who’s Who

Zhejiang Geely Holding Group Co. Ltd.: Zhejiang Geely Holding Group Co. Ltd.’s premium EV brand, Zeekr, is considering a plug-in hybrid model. This move is part of their strategy to tap into the growing hybrid car market, which has seen significant sales growth due to consumer concerns about range anxiety.

Xiaomi Corp.: Xiaomi Corp.’s carmaking arm is planning to launch an extended-range hybrid vehicle, aiming to capitalize on the growing popularity of hybrid cars in the Chinese market. This strategic move could pose a challenge to industry leader BYD Co. Ltd.

BYD Co. Ltd.: BYD Co. Ltd. led the industry by selling 880,992 plug-in hybrids in the first half of 2024, making up nearly 55% of its new-energy vehicle (NEV) sales, according to company data.

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What Happened When

March 2024：: At the China EV100 Forum, Ouyang Minggao predicted that hybrids and pure EVs will each take up half of the NEV market.

the first six months of 2024：: Retail sales of plug-in hybrids soared 69.5% year-on-year to 1.69 million vehicles, while consumers bought 2.43 million pure EVs, up 15.8%.