China's plug-in hybrid vehicle strength is demonstrated, accounting for 80% of the global market, and BYD alone accounts for 40%

According to news on August 7, the Passenger Car Association recently released a statistical data revealing the sales situation of the global automobile market in the first half of 2024. It is reported that in the past six months, global car sales exceeded the 43.9 million mark, of which new energy vehicle sales reached 7.39 million, accounting for 16.8% of the global market share, showing that the new energy vehicle market strong growth trend.

Among all types of new energy vehicles, the plug-in hybrid vehicle market is particularly eye-catching. Especially in the Chinese market, the growth in this field has been rapid. According to statistics,

1. By the first half of 2024, China’s global market share of plug-in hybrid models has soared to 74.2%.
2. In the second quarter, it further climbed to 77.8%, accounting for nearly 80% of the world market.

This undoubtedly demonstrates China’s strong strength in the field of new energy vehicles.

Competition among major car companies in the plug-in hybrid field is becoming increasingly fierce. Among them, BYD's performance is particularly eye-catching. Since 2020,

3. BYD's global plug-in hybrid market share has continued to rise, growing from an initial 6% to 35.2% in 2024.
4. Especially in the second quarter, its market share was as high as 39.2%.

Secondly sitting on the top spot in the plug-in hybrid market.

1. Li Auto and Cyrus (the main Wenjie brand) have shown strong market competitiveness, ranking third and fourth respectively in the ranking of global plug-in hybrid brands, and their market share has increased rapidly.

2. Germany’s Volkswagen and BMW, once market leaders, have seen a sharp decline in their plug-in hybrid market shares, falling to 4.8% and 2.4% respectively, reflecting the brutal competition in the new energy vehicle market.

   

   Currently, the new energy vehicle market is in a stage of rapid development, and major car companies are actively planning to seize opportunities in this field. The strong rise of Chinese car companies has undoubtedly injected new vitality into the development of the global new energy vehicle market.

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