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In the dynamic world of electric vehicles (EVs), China's market has witnessed a significant shift in 2024. The plug-in hybrid electric vehicle (PHEV) segment, in particular, has seen BYD emerging as a dominant player.
The BYD Song Plus and the BYD Qin L DM-i, two of the company's PHEV models, have taken the top spots in China's PHEV sales for the year. The BYD Song Plus, recognised for its features and market acceptance, led the segment, while the BYD Qin L DM-i, equipped with advanced fifth-generation DM technology, catered to the needs of family users, making it the best-selling PHEV model.
The BYD Qin L DM-i's success can be attributed to its combination of performance and energy efficiency, which has resonated with consumers. Meanwhile, the BYD Song Plus's strong demand further solidified its position at the top.
Despite the growth in PHEV sales, recent trends suggest a slowdown, with some indications that the PHEV share may decline slightly in the coming years.
In the BEV (battery electric vehicle) market, BYD also made a significant impact. The Wuling Mini and Wuling Bingo, two BEV models from Wuling, took third and fourth places respectively in BEV sales in December. The BYD Seagull, another BEV model, secured the second spot with 48,754 deliveries. The Aito M9 took 10th place, with 13,621 deliveries and a market share of 2.4%.
The Tesla Model Y remained the best-selling BEV in China in December, with 61,881 registrations and an 8.2% market share. The Tesla Model 3 took seventh place, with 21,046 registrations and a 2.8% market share.
Overall, BEV registrations in China grew by 17.3% in 2024, with a total of 6.34 million new models taking to the roads.
Looking ahead, sales figures by mid-2025 show the BYD Song reaching around 800,000 units, reinforcing its leading position in the domestic market.
In conclusion, for 2024 specifically, BYD's Song Plus and Qin L DM-i were the top-selling plug-in hybrid models in China, reflecting BYD's overall market leadership in the PHEV segment. The company's dominance extends to the BEV market as well, with several models performing strongly in the rankings.
Technology has played a significant role in BYD's dominance in the Chinese market, with the company's PHEV models, including the BYD Song Plus and the BYD Qin L DM-i, incorporating advanced fifth-generation DM technology and other features that cater to various lifestyle needs. Meanwhile, the rise of electric vehicles, both PHEVs and BEVs, indicate a shift towards a more technology-driven lifestyle in China, with BYD leading this change.
