China Passenger Car Association: From January to May 2024, the sales volume of plug-in hybrid vehicles will surge by 70.1%, which is 4 times the growth rate of pure electric vehicles

According to the report of the China Passenger Car Association, the sales volume of new energy vehicles (including BEV and PHEV) in China increased by 34.4% compared with the same period last year from January to May 2024. Specifically, the sales volume of pure electric vehicles (BEV) increased by 17.4% year-on-year, reflecting a steady growth trend.

In sharp contrast, sales of plug-in hybrid electric vehicles (PHEVs) increased even more significantly, up 70.1% year-on-year, with sales of plug-in hybrid SUVs and sedans surging by about 80%.

Analysts believe that plug-in hybrid vehicles have more advantages in initial purchase costs than pure electric models, and because they are equipped with a fuel tank, they effectively alleviate consumers' concerns about driving range.

In addition, plug-in hybrid vehicles cover a variety of models such as sedans, SUVs and crossovers, especially mid-priced plug-in hybrid models, whose prices are usually comparable to or lower than most pure electric vehicles, making them more attractive to consumers.

Zikuai Technology