Plug-in hybrid electric vehicle (PHEV) penetration in China has surged from 8.7% in January 2023 to 21.4% in June 2024, driven by the deployment of BYD DM 5.0 technology on more models. In contrast, the European market sees a 6.5% share for PHEVs, but a higher share for hybrid electric vehicles (HEVs) at 30% and traditional gas/diesel vehicles at around 50%. BYD, a company best known for battery electric vehicles (BEVs), now sells more PHEVs. Hybrid sales outpaced BEVs in 2023, with hybrid sales growing by 43% compared to BEV sales growth of 28%, according to InsideEVs. Additionally, Chinese-made EVs have increased their presence in the EU market, rising from 2.9% in 2020 to 21.7% in 2023. European governments are encouraging greenfield investment by Chinese battery and EV makers in response.
A few quick stats for folks: * 1 in 4 cars (25%) sold last year in California were already EVs * @BloombergNEF includes battery-electric and plug-in hybrids under EVs * In 2027, China and Europe EV share of sales will outpace US hitting 60% and 41% respectively (US is at 29%) https://t.co/zL55V8vHpy
A few quick stats for folks: * 1in 4 cars (25%) sold last year in California were already electric * @BloombergNEF includes battery-electric and plug-in hybrids under EVs * In 2027, China and Europe EV share of sales will outpace US hitting 60% and 41% respectively (US is at 29%) https://t.co/zL55V8vHpy
Chinese-made EVs have risen from 2.9% of the EU's EV market in 2020 to 21.7% last year; in response, European governments are encouraging greenfield investment by Chinese battery and EV makers. https://t.co/jmKhIvvKXd https://t.co/JvDWjWqFK4
Hybrid sales outpaced EVs in 2023. • Hybrid sales growth: 43% • BEV sales growth: 28% You love to see it. H/t @TheBenSchmark #PGMs https://t.co/RrSKi4JPOi
Hybrid sales outpaced EVs in 2023. • Hybrid sales growth: 43% • BEV sales growth: 28% You love to see it. #PGMs https://t.co/9lnlLMtkgr
Plug-in hybrids overtake EV growth. But there are some catches. https://t.co/mL1iEUlYt3 via @InsideEVs
PHEV penetration in China has risen from 8.7% in Jan 2023 to 21.4% this month. Likely going even higher as BYD DM 5.0 tech gets deployed on more models EU mkt sees just 6.5% share for PHEV, but 30% for HEV & ~50% gas/diesel BYD is best known for BEVs, but it now sells more PHEVs https://t.co/aXl3I2g8Vy