In April 2024, Plug-In Car Sales in China Reached 44% Market Share

China’s Plug-In Car Sales Increased To 44% Market Share In April 2024

Sales of plug-in Electric cars in China continued to rise steadily in April, leading to a significant increase in market share. According to data from EV Volumes shared by researcher Jose Pontes, nearly 704,000 new passenger plug-in electric cars were registered in China in April, marking a 30% increase from the previous year and capturing a 44% market share, up from 35% in April 2023.

The Chinese plug-in electric car market is not only the largest globally but also constitutes the majority of global plug-in car sales. The share of rechargeable cars in China reached 37% in 2023, up from 30% in 2022, and has already climbed to 40% in 2024.

In April, registrations of all-electric cars grew by 10% year-over-year to around 415,000, accounting for 26% of the total volume and 59% of all plug-ins. The primary driver of growth was plug-in hybrids, which expanded by 65% year-over-year to approximately 290,000 units.

The top-selling plug-in cars in China included models from BYD and Tesla, with the BYD Song family, BYD Qin Plus family, BYD Seagull, and Tesla Model Y leading the pack. Notably, the BYD Seagull outsold the Tesla Model Y in the all-electric category last month, signaling a potential shift in market dynamics.

By the end of April, over 2.5 million new plug-in electric cars had been registered in China, representing a 32% increase year-over-year and capturing 40% of the total car market. BYD continued to dominate the Chinese plug-in market, holding a 29.8% share in the plug-in car segment.

Looking ahead, with a strong start to the year, it is anticipated that 2024 will see even greater success, possibly surpassing 10 million units in sales.