The Rising Influence of Rising Affluence

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By brand 2023
https://cnevpost.com/2024/01/10/automakers-nev-market-share-in-china-in-2023/

BYD is the clear prime mover
https://www.electrive.com/2024/06/17/china-ev-share-reaches-40-in-may/

In the manufacturer ranking, BYD is once again the lonely leader in May, with its second-best monthly result, reflected in 331,817 NEVs sold (+38% YoY). That means BYD alone accounts for a good third of total NEV sales in China. Only in December 2023 had BYD ever sold more EVs and plug-in hybrids.

Specifically, the manufacturer sold 146,395 BEVs and 184,093 PHEVs in the passenger car sector in May, and several NEV commercial vehicle sales, which are less important for the statistics. The dynamics of plug-in hybrids are particularly striking. While BYD recorded a 22 per cent increase in BEVs compared to May 2023, the figure for PHEVs was 54 per cent. The statistics curve also shows that BYD has set a new PHEV record every month since March – the third time in a row.