China’s EV boom increasingly involves hybrids | Real Time Headlines

BEIJING – Hybrid cars are proving more popular than pure battery vehicles in China, even as consumers no longer buy gasoline-only cars, full-year data shows.

BYDThe market leader by far said in a report Submit documents on Wednesday In 2024, BYD sold approximately 4.3 million passenger vehicles.

TeslaThe company, which sells pure electric vehicles, is expected to sell more than 600,000 vehicles in China for the second consecutive year, according to CNBC calculations of data from the China Passenger Car Association. Elon Musk’s car company is expected to release 2024 data in the United States on Thursday morning.

“We still see growth in the Chinese market in terms of battery electric, but we see it being somewhat constrained,” said Joe McCabe, president and CEO of AutoForecast Solutions. He predicts that by 2031, the demand for internal combustion engine vehicles, including Hybrid cars) demand still exists.

Tesla is closely followed by rickshawrecorded 500,508 vehicles delivered last yearthe company said in a filing on Wednesday. Most of the company’s cars come with fuel tanks to extend the battery’s range.

star” Chinese partners, Leap carThe company, which sells both battery and hybrid vehicles, said Deliver nearly 300,000 vehicles in 2024and plans to deliver 500,000 vehicles in the next year.

Chinese EV startups, which have so far only sold purely battery-powered vehicles, ranked lower in full-year deliveries. electric car manufacturer Zekel 222,123 battery-powered vehicles sold, Nioh 221,970 units sold Xpeng Motors 190,068 units sold.

The final statistics for this year for Nio and Xpeng include figures for the companies’ lower-priced brands, which begin deliveries in the second half of 2024.

Xpeng Motors revealed its Hybrid range extension systemwhile Zeekr announced in August plans to launch its first hybrid vehicle in 2025.

Electric vehicle brands have faced fiercer competition over the past year as smartphone company Xiaomi launched an electric vehicle brand. SU7 electric sedan will be launched in March. As of the end of December, Xiaomi claimed to have delivered more than 135,000 vehicles and has set a target of delivering 300,000 vehicles in 2025.

Zeekr sets a target of delivering 320,000 copies in 2025, but falls slightly short of expectations Reported target is 230,000 2024 cars.

China’s vigorous development of its own electric vehicles reached a critical point in July, with new energy vehicle sales accounting for Accounted for more than half of all passenger car sales during the monthAccording to the Passenger Car Association. New energy vehicles include pure battery vehicles and hybrid vehicles.

This trend continued into November, Penetration rate 52.3%according to association data. The penetration rate in July 2023 is 36%.

McCabe said when looking at market growth, it’s important to remember that China still has many incentives to encourage locals to buy new energy vehicles. He added that the market push was part of China’s efforts Develop domestic players rather than relying on foreign brands.

Cities such as Beijing are making it easier for residents to obtain new energy vehicle license plates instead of gas-powered vehicles. In recent months, part of China’s measures to stimulate consumption have focused on providing subsidies for the purchase of new energy vehicles.

Hybrid vehicles also boosted U.S. light vehicle sales in the second quarter, The penetration rate of hybrid and pure electric vehicles reaches 18.7%According to Watts Intelligence data released by the U.S. Energy Information Administration.