Looking deeper at the numbers, BEVs were up 16%, while PHEVs did even better, jumping 62% in March. Breaking down plugin sales by powertrain, BEVs had 64% of sales, below this year’s average of 67%, proving the rising popularity of plugin hybrids in this market.Share-wise, March saw plugin vehicles hit 43% market share! Full electrics alone accounted for 28% of the country’s auto sales.
… And, speaking of EV competition, the Tesla Model 3 is surely having a nightmarish 2024 in China. In the context of aTesla Model Y was up by 6%. Sure, nothing especially great to celebrate, but at least it is not seeing demand fall off a cliff…. Hence the reason why Tesla decided to postpone the refresh of its Model Y best seller.
Last, but surely not least, a mention goes out to a model that only started to get delivered in April but is expected to reach 70,000 to 100,000 sales in the remaining months of 2024: the Xiaomi SU7. It is a car with unbeatable value for money. It is the size of a Tesla Model S, has air suspension, has a 0.195 drag coefficient, has 800-volt architecture, has 74 kWh LFP or 101 NMC batteries with a promise of a 150 kWh coming later on, and all of this for Tesla Model 3 prices.
Geely was 4th in March, signaling a 24% growth rate. On the other hand, Honda, the 4th best selling brand in 2023, was only 8th in March, with 60,000 sales, a 26% drop YoY. The Japanese brand experienced the biggest crash within the top 20. Although, #6 Tesla wasn’t much better, having dropped 19% YoY in the same month. Although, part of Tesla’s fall can be explained by the flattening of the delivery curve — the truth is that the US automaker was down 4% in the first quarter of 2024.
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