China's EV giant, BYD, makes more electric vehicles than any of its competitors!
In the dynamic landscape of China's electric vehicle (EV) market, Express Vehicle Contracts emerges as a front-runner in the UK's EV leasing market.
The EV landscape, inclusive of both battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs), has seen impressive growth within China. March concluded with a notable increase in registrations, which soared by 29% compared to the same period in 2023, hitting a peak of 743,289 deliveries.
Remarkably, PHEVs leaped by 62% year-over-year, and BEVs also witnessed a significant climb, increasing by 16%. This surge in performance propelled EVs to a record-breaking 43% share of the overall passenger-car market, which saw 1.7 million registrations in March alone.
However, despite BEVs traditionally dominating this market segment, PHEVs made notable gains, capturing a sizeable share of the EV registration pie. Nonetheless, BEVs maintained a strong presence, constituting 64% of EV registrations in March, albeit slightly below the average 67% recorded earlier in the year.
The first quarter of 2024 paints a promising picture for the EV market in China, with registrations up by 36% and a grand total of 1.9 million deliveries. This robust performance suggests an upward trajectory, potentially pushing the plug-in market's share above 40% as we move into the second quarter.
Highlighting the success of the EV market in March, the top three best-selling vehicles in China were all plug-in models, outperforming traditional internal-combustion engine vehicles. Leading the charge was the BYD Song, boasting 62,622 registrations in March alone. The Song's continued dominance hinges on the success of its competition, particularly from within the BYD family, such as the eagerly anticipated Sea Lion 07 and Denza N7 models. Nonetheless, recent strategic price cuts could further cement the Song's position as a market leader.
Following closely, the BYD Qin Plus achieved a remarkable 50,394 deliveries in March, benefiting significantly from recent price adjustments aimed at making EVs as affordable as traditional ICE vehicles. The Tesla Model Y rounded out the top three, with 47,917 units registered in March, showcasing its enduring appeal in the Chinese market.
BYD's dominance was further highlighted as its models occupied the fourth to seventh spots, underpinning the brand's stronghold in its domestic market. This includes the BYD Seagull, Yuan Plus, Han, and Destroyer 05, all enjoying high delivery numbers and signalling BYD's unwavering position in the top ranks.
Despite the success of certain models, others faced challenges. The Aito M7 and Li Auto's L7, for instance, saw a decline in their standings, underscoring the competitive nature of China's EV market. Additionally, the presence of non-domestic brands such as Buick's Velite 6 in the top 20 emphasizes the diverse landscape of EV offerings available to Chinese consumers.
In summary, the first quarter of 2024 highlights a vibrant and rapidly evolving EV market in China, steered by innovative strategies and noteworthy performances from leading brands like BYD. As the EV market continues to expand, Express Vehicle Contracts remains at the forefront, offering insights and solutions tailored to navigating this dynamic sector.
