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China's electric vehicle (EV) market saw significant growth in October 2024, with both battery-electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) recording impressive gains.
The BEV market witnessed a 29.5% year-on-year improvement, totaling 681,023 units. The BYD Seagull captured 7.5% of October's all-electric figures, while the BYD Seagull led the BEV market with 51,288 units delivered, a 35.6% improvement year on year.
BYD also showed dominance in the PHEV market. The BYD Song was the best-selling PHEV in China in the first 10 months of 2024, with 467,658 deliveries. The BYD Qin Plus comfortably held second place in the PHEV year-to-date table, with 273,181 registrations in the first 10 months of the year.
The growth of the PHEV market continued in October, with PHEVs holding 44% of all EV registrations in the month. PHEV deliveries surged by 92.1%, with 535,957 new models joining the Chinese roads.
Other notable performances include the Xiaomi SU7, which placed in sixth with 20,726 deliveries, its best performance in its seven months on the market. The Changan Lumin took ninth place with 17,040 registrations in October, a 9.7% improvement on the same month last year.
The Wuling Mini, on the other hand, had 34,185 deliveries in October, its best result since December 2022 and best performance of the year so far. The Wuling Mini took 5% of the total BEV market in October, with registrations improving by 68.1%.
The US carmaker Tesla's Model Y took second place in China's BEV market in October with 36,204 registrations, a 37.4% improvement year on year. The Galaxy E5 crossover achieved a 2.3% market share in its third month on the market with 15,712 registrations in China.
In the year to date, BEV volumes improved by 16.7% with nearly 4.9 million units, while PHEVs recorded just under 3.7 million registrations, a growth of 79.9% compared to 12 months ago. In the first 10 months of 2024, PHEVs have improved to a 43% share, up from 33% seen between January and October last year.
BEVs accounted for 56% of total plug-in registrations in October 2024. The Chinese plug-in hybrid market in 2024 was dominated mainly by Chinese brands BYD, Geely, and SAIC, with these companies leading the volume segment, while premium plug-in hybrid sales were primarily held by international brands like Audi, BMW, and Mercedes.
In conclusion, October 2024 saw a strong showing from BYD in China's EV market, with the company leading both the BEV and PHEV sectors. The growth in both BEV and PHEV registrations bodes well for the future of the EV industry in China.
