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China's electric vehicle (EV) market witnessed a significant growth in October 2024, with both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) recording impressive figures.
In the BEV segment, BYD dominated the market, accounting for about 7.5% of the total registrations with the BYD Seagull leading the way. The Seagull recorded 51,288 units delivered in October, a 35.6% year-on-year improvement. Notably, the Seagull is closing in on the Tesla Model Y, with just a 21,013 gap between the two models.
The growth in BEV registrations was evident, with a 29.5% year-on-year improvement, totaling 681,023 units. BEVs accounted for 56% of total plug-in registrations in the first 10 months of 2024, and volumes improved by 16.7% with nearly 4.9 million units. The Tesla Model Y continues to lead the BEV battle in China, but the Seagull's performance suggests a strong challenge.
However, the story is different in the PHEV market. Despite BYD holding about 20% market share in China’s PHEV segment, the carmaker's PHEV sales have been declining. BYD’s plug-in hybrid sales have trailed its BEV sales for four consecutive months, reflecting a broader market shift towards full battery-electric vehicles.
The BYD Song Plus, the best-selling PHEV model in the first half of 2025, saw some year-on-year declines earlier in the year. Despite this, it secured a 4.8% market share with sales of 119,213 units. The top 10 in the PHEV market was dominated by BYD, with the carmaker taking seven out of the first eight positions.
The growth of the PHEV market continued in October, with PHEVs holding 44% of all EV registrations. PHEV registrations recorded just under 3.7 million in the first 10 months of 2024, a growth of 79.9% compared to 12 months ago. The Wuling Mini took third place with 34,185 deliveries, the model's best result since December 2022. The Wuling Bingo took fifth place with 24,106 registrations, up 1.5% on its performance in October 2023.
The Galaxy E5 crossover achieved a 2.3% market share in its third month on the market, while Xiaomi's SU7 placed in sixth, with 20,726 deliveries, the model's best performance in its seven months on the market. The Wuling Bingo took fifth place with 24,106 registrations, up 1.5% on its performance in October 2023.
In conclusion, BYD remains a dominant player in China's EV market, but the shift towards BEVs is evident. The BYD Song Plus leads the PHEV sales ranking in China as of mid-2025, but the declining PHEV sales suggest a changing landscape in the EV market. The growth in BEV registrations, particularly the Seagull's performance, indicates a strong challenge to Tesla's dominance in the BEV market.
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