PHEVs contribute to BYD success in Chinese EV market record

27 January 2025

China’s electric vehicle (EV) market hit its best-ever volume in November 2024. Plug-in hybrids (PHEVs) and BYD played large parts in this new record. Phil Curry, Autovista24 special content editor reviews the numbers. 

A total of 1.3 million EV units were registered in November, up by 48.6% year on year.

This was also the fourth consecutive month where the market achieved more than one million deliveries. Prior to this run, China had only ever reached this total once, in December 2023. Therefore, the country is embracing EVs more than ever.

Much of this result was thanks to the continued success of PHEVs. Battery-electric vehicles (BEVs) led the EV mix, with 59.1% of the total, down from 66.5% a year previously. Meanwhile, PHEVs took 40.9% of EV deliveries, improving from 33.5% in November 2023.

In the first 11 months of 2024, just under 9.9 million EVs were delivered to customers in China. This represented a year-on-year increase of 39.1%. BEVs made up 57.2% of these registrations, down from 67%. PHEVs, on the other hand, took 42.8% of the market, up from 33%.

PHEV push from BYD

BYD lead the overall EV chart in November. This was thanks to its performance in the PHEV market, where it held seven of the 10 top spots. The Chinese brand was comfortably ahead of its competition, with 392,099 EVs delivered in the month.

This was a year-on-year increase of 45.4% for the marque, as it represented 30.1% of all plug-in registrations in China. However, with increased competition in the sector, BYD’s market share dropped by 0.7 percentage points (pp) compared to November 2023.

To highlight the carmaker’s growth in the PHEV market, 57.6% of its total registrations came from the powertrain in November. 12 months prior, this figure was at 43.2%, with BEVs more prevalent for the company.

Increased competition

Wuling came second, with its strong performance in the BEV market helping the marque to achieve 90,906 registrations. This was up 81.9% year on year, while its market share of 7% improved by 1.3pp.

Completing the top three was Geely, thanks to the success of its Geome Xingyuan and Panda Mini in the BEV market. The brand secured a total of 75,277 registrations, a 38% rise compared to 12 months prior. Geely’s Chinese market share of 5.8% was down by 0.4pp over November 2023.

With the Model 3 gaining traction in China during November, Tesla held fourth place. This was despite the decline in Model Y registrations. The company achieved 73,616 registrations, an improvement of 12.8%. However, the carmaker’s market share suffered due to increased competition, with its 5.7% hold in November down by 1.8pp.

Rounding out the top five was Li Auto. Its L6 model made the PHEV top 10, allowing the carmaker to deliver a total of 48,743 EVs in total. This was up by 18.8% year on year. The carmaker took 3.7% of the market, a decline of 1pp.

Close Chinese competition

The bottom five featured some very close results, as competition between brands intensified in China during November.

Despite not featuring in the BEV or PHEV top 10 tables, Leapmotor achieved sufficient deliveries across its range, taking fifth. The carmaker recorded 39,282 registrations, an increase of 118.1%. This equated to a 3% market share, up from the 2.1% it held a year previously.

Just 418 units behind was Aion in sixth, reaching 38,864 registrations. This gave the carmaker a modest 3.3% year-on-year growth, while its 3% market share was down 1.3pp. In seventh, and just 245 units back, was Chery, with 38,619 deliveries. This was a 158% increase on November 2023, with its hold on the overall market improving by 1.3pp, to 3%.

Eighth position went to Aito, with 32,327 deliveries. This was up 57.1%, with a 0.2pp improvement in market share to 2.5%. Rounding out the top 10 was Xpeng, which achieved 27,293 registrations, up by 40.2% against November 2023. The brand secured 2.1% of the market, a drop of 0.1pp.

BYD controls the Chinese market

BYD continued to dominate its domestic market in the first 11 months of 2024. The carmaker’s tally stood at 3.17 million units at the end of November, an improvement of 29.9% compared to the same period in 2023.

However, with increasing competition in the marketplace from new brands and models, BYD’s market share dropped in the period. Its 32.1% hold on China’s EV sector was down by 2.3pp when compared with the same period a year before.

Tesla remained in second position, with 575,767 registrations between January and November. This was an improvement of 7.7% year on year, although the brand’s market share slipped 1.8pp, to 5.8%.

Wuling rounded out the top three, with 569,342 deliveries in the 11-month period. This was a 42.1% increase compared to the previous year, with a 5.8% market share rising by 0.2pp.

Fourth position in the chart went to Li Auto, which accumulated 442,471 deliveries between January and November. This was a 35.9% improvement, although the brand’s 4.5% market share dipped by 0.1pp.

Geely took fifth with 338,353 units delivered to customers. This was a 112.3% improvement compared to the first 11 months of 2023. The carmaker saw its market share improve by 1.3pp, ending the period at 3.9%.

Growth and decline

In the bottom half of the top 10, Aito secured sixth. The brand achieved 356,637 registrations to November, a substantial 379% year-on-year increase. This performance saw the brand’s share rocket from 1% in 2023, to 3.6% across the first 11 months of 2024.

Aion ended the period in seventh, with 330,789 deliveries. This was a decline of 24.6%, with results in November stemming recent losses. The brand was third, behind BYD and Tesla, at the same point in 2023, but has seen its competitiveness decline as new models come to the Chinese market. The carmaker’s share of overall EV registrations in the country was 3.3%, a drop of 2.9pp.

Leapmotor continued to benefit from its range of models in 2024, with 245,099 units delivered. The brand improved registrations by 94.5%, while market share improved 0.7pp to 2.5%. In ninth, Chery achieved 234,293 registrations in the 11-month period, an improvement of 139.4%. This meant the carmaker’s share jumped by 1pp, to 2.4%.

Finally, Changan took the last spot in the top 10, as 206,823 units were delivered to customers. This was a 13.2% year-on-year improvement, although the carmaker’s market share fell 0.5pp, ending the period at 2.1%.