China triples share of global PHEV market in less than 3 years
Long range view of Chinese EV market
In Q3 2023, 76% of all battery capacity (GWh) deployed onto roads globally in newly-sold plug-in hybrids (PHEVs) was registered in China, up from just 28% in Q1 2021 as PHEV sales and average pack capacity (in kWh) continue to surge in tandem.
Two OEMs in particular – BYD and Li Auto – are leading the growth of China’s PHEV market by a long shot.
From the Seal to the Destroyer, BYD offers a growing portfolio of PHEV models across segments and price points that have proven especially popular in China, driving PHEV unit sales steadily higher.
In the case of Li Auto, its popular range extender PHEVs with beefed up battery packs – some upwards of 44 kWh – have contributed to an ongoing rise in the sales-weighted average PHEV’s pack capacity in China over the same period.
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