China’s plug-in electric car market has once again reported significant growth. According to EV Volumes‘ data, plug-in electric cars topped the 40% market share threshold in March 2024.
Plug-in electric car sales – Monthly
China sold more than 743,000 new passenger plug-in electric cars in March 2024. It represents a notable 29% year-on-year growth compared to the same period in 2023.
This remarkable sales figure represents approximately 43% of the overall market, up from just 34% YoY.
Battery-electric vehicles’ (BEVs) estimated sales based on the market share is about 476,000. It indicates a 16% YoY growth, representing 28% of the plug-in electric car market.
Meanwhile, plug-in hybrid electric vehicles (PHEVs) sold about 268,000 units. It grew 62% YoY and accounted for 15% of the market. Refer to the table below:
| Type | Registrations (Month) | YOY Change | Market Share |
| BEVs | 476,000 | Up 16% | 28% |
| PHEVs | 268,000 | Up 62% | 15% |
| Total | 743,289 | Up 29% | 43% |
* estimated from the market share
YTD figures
New plug-in electric car sales in China reached a total of 1,868,452 units in the first quarter of 2024. It indicates a 36% YoY increase with a 39% market share.
BEVs accounted for about 1.14 million, while PHEVs sold about *0.71 million. Here is the breakdown:
| Type | Registrations (Estimated) | Market Share | YOY Change |
| BEVs | 1.14 million | 26% | – |
| PHEVs | 0.71 million | 13% | – |
| Total | 1,868,452 | 39% | Up 36% |
* estimated from the market share
In hindsight, China registered 8 million+ new plug-in electric cars in 2023 (up about 46% YoY). Its market share was only at 37% at the time, up from 30% in 2022.
Top-selling models – Monthly and YTD
Chinese electric vehicle giant BYD dominated the sales rankings last month, with the Song family selling 62,622 units. The Qin Plus family followed with 50,394 unit sales.
The popular Tesla Model Y ranked third with 47,917 units, followed by another four BYD models (#4 Seagull, #5 Yuan Plus, #6 Han, and #7 Destroyer).
Here are China’s top-selling plug-in electric car models in March 2024:
| Rank | Car Model | March Sales |
| 1 | BYD Song | 62,622 (11,244 BEVs + 51,378 PHEVs) |
| 2 | BYD Qin Plus | 50,394 (16,910 BEVs + 33,484 PHEVs) |
| 3 | Tesla Model Y | 47,917 |
| 4 | BYD Seagull | 27,866 |
| 5 | BYD Yuan Plus (aka Atto 3) | 21,951 |
| 6 | BYD Han | 20,376 (6,003 BEVs + 14,373 PHEVs) |
| 7 | BYD Destroyer 05 (PHEV) | 18,803 |
| 8 | Aito M7 (EREV) | 18,512 |
| 9 | Wuling Hong Guang MINI EV | 16,046 |
| 10 | Aion S | 14,758 |
As for the year-to-date rankings, the top four models remained unchanged. However, the Aito M7 overthrew the BYD Yuan Plus in the fifth spot. Refer to the table below:
| Rank | Car Model | Total Sales (Jan-Mar) |
| 1 | BYD Song | 136,920 (20,403 BEVs + 116,517 PHEVs) |
| 2 | BYD Qin Plus | 107,489 (25,133 BEVs + 82,356 PHEVs) |
| 3 | Tesla Model Y | 100,366 |
| 4 | BYD Seagull | 70,319 |
| 5 | Aito M7 (EREV) | 69,592 |
| 6 | BYD Yuan Plus (aka Atto 3) | 46,992 |
| 7 | Wuling Hong Guang MINI EV | 44,215 |
| 8 | BYD Dolphin | 38,271 |
| 9 | BYD Han | 37,594 (10,982 BEVs + 26,612 PHEVs) |
| 10 | Li Xiang L7 | 32,570 |
Leading brands and groups – YTD
As expected, BYD continues to be the leading plug-in electric car brand on its home turf, with a 29.3% market share in Q1 2024. America’s industry leader, Tesla, trailed behind with a market share of 7.1%. Here is the ranking:
| Ranking | Brand | Market Share |
| 1 | BYD | 29.3% |
| 2 | Tesla | 7.1% |
| 3 | SAIC-GM-Wuling | 5.8% |
| 4 | Geely | 4.7% |
| 5 | Aito | 4.4% |
BYD ( 31.2%) remains at the top of the automotive group rankings in China’s plug-in car segment in Q1 2024. Tesla (7.1%) dropped to the fourth spot, overthrown by Geely-Volvo (8.7%) and SAIC (8.4%). Refer to the table below:
| Ranking | Groups | Market Share |
| 1 | BYD (including Denza, Fang Cheng Bao and Yangwang brands) | 31.2% |
| 2 | Geely-Volvo | 8.7% |
| 3 | SAIC (including the SAIC-GM-Wuling joint venture) | 8.4% |
| 4 | Tesla | 7.1% |
| 5 | Changan | 6.7% |
Considering the current 43% market share, it would not be surprising anymore if China’s plug-in electric cars reached the ground-breaking 50% milestone in late 2024.
