From CleanTechnica
BYD achieves another record month in the electric car market! Plugin vehicles continue to be all the rage in the Chinese auto market. With the end of the covid lockdowns, plugins went back to the fast lane, growing 109% year over year (YoY). They scored over 403,000 registrations in May, with plugin hybrids (PHEVs) surging 187% year over year (YoY) to a record 105,000 units. Their growth even beat that of BEVs, which grew a paltry 91%…. [However, seasonally adjusted, sales are still below the Q1 peak]
Share-wise, with May showing another great performance, plugin vehicles hit 31% market share! Full electrics (BEVs) alone accounted for 23% of the country’s auto sales! This pulled the 2022 share to 25% (20% BEV).
Demand is so strong in their domestic market that China's car-makers haven't really started to export in volume. But China is ±30% of the world car market, and produces much cheaper cars than legacy manufacturers in developed countries. When Chinese EV makers do start to export aggressively, expect global EV prices to drop fast.
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| My seasonal adjustment and smoothing. |
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