China accounted for ~58% of global EV sales in 2023. Interestingly, it was the first year that domestic EV manufacturers ran without support from national subsidies (although, some tax exemptions and non-financial support remain in place, temporarily); which may also explain why the Chinese consumer is rapidly transitioning away from battery electric vehicles (BEVs) toward hybrids.
The number of plug-in hybrids (PHEVs) sold in China in the first seven months of this year is up 70% over the pcp, making up >45% of total EV deliveries in July, versus 22%, 18 months ago. Reports suggesting that hybrid cars are increasingly favoured by younger, first-time car buyers, due to range anxiety and the overall economic slowdown in China, costing less to purchase and are more economical to run.
