The largest Chinese car manufacturer BYD announced in its statement that in 2024 it sold approximately 4.3 million passenger cars, of which over half (almost 2.5 million) had a hybrid drive. This represents a reversal compared to 2023, when BYD sold slightly fewer hybrids than pure battery vehicles.
Joe McCabe, president and CEO of AutoForecast Solutions, told CNBC that there is still a growing interest in battery-powered vehicles in the Chinese market, but it is also visible that in some ways they are limited.
McCabe predicts that until 2031, there will still be demand for vehicles with combustion engines, including hybrid cars.
Changing customer preferences
The change in customer preferences was also visible in the case of another Chinese manufacturer, Li Auto, which sold a record 500,508 cars last year. Most of them are equipped with a fuel tank that extends the battery range.
Leapmotorthe Chinese partner of the European concern Stellantissells both battery-powered and hybrid cars. The company reported that in 2024 it delivered almost 300,000 customers. cars, and this year it intends to increase sales to 500,000. pieces.
New sources of energy on the offensive
China’s push to develop its own electric cars reached a tipping point in July. This month, the share of cars sold powered by new energy sources accounted for more than half of all passenger cars sold, according to data from the Passenger Car Association. New energy vehicles include both pure battery cars and hybrid cars.
This trend continued until November, when electric and hybrid cars accounted for 52.3%. sales, according to the association. In July 2023, the penetration rate was 36%
Looking at the growth of the Chinese market for cars powered by new energy sources, it should be remembered that China still maintains many incentives supporting the sale of electric cars.
Hybrids are gaining popularity not only in China
Hybrids also drove U.S. light vehicle sales. In the second quarter, the total market penetration of hybrid and battery electric cars increased to 18.7%.., according to Wards Intelligence data published by the U.S. Energy Information Administration.
