Search for ZMEV on Facebook, TikTok, and X, to get the latest information on new energy vehicles in China.

Plug in hybrid vehicles not only have rapid export growth, but their performance in the domestic market is also quite strong. Plug in hybrid vehicles have become the main growth force in the domestic new energy vehicle market in the past two years.On December 11th, the China Association of Automobile Manufacturers (CAAM) released automobile production and sales data showing that in November, automobile production and sales reached 3.437 million and 3.316 million respectively, an increase of 14.7% and 8.6% month on month and 11.1% and 11.7% year-on-year, respectively. Monthly production and sales reached a historic high. From January to November, the cumulative production and sales of automobiles reached 27.903 million and 27.94 million respectively, an increase of 2.9% and 3.7% year-on-year.

CAAM stated that as the cumulative effects of policies continue to emerge, various regions and enterprises continue to make efforts in promotional activities. In addition, with the final sprint in the last month, it is expected that the automobile market will continue to improve in December, and the production and sales of automobiles will continue to maintain a scale of over 30 million vehicles throughout the year.

Although the overall performance of automobile production and sales is good, the structural changes within it are worth paying attention to. In November, China's automobile exports reached 490000 units, a decrease of 9.5% compared to the previous month and a year-on-year increase of 1.6%. From January to November, China exported 5.345 million vehicles, a year-on-year increase of 21.2%. From 2021 to 2023, the growth rates of China's automobile exports were 104.6%, 54.4%, and 57.9%, respectively. In contrast, the growth rate of automobile exports has significantly slowed down in the first 11 months of this year.

In this regard, Chen Shihua, Deputy Secretary General of the China Automobile Association, said: "Through market research, including overseas visits, the China Automobile Association found that the development of new energy vehicles overseas is facing pressure, the international situation is not stable, and the policy changes of overseas countries are very big, which affect the development of the new energy vehicle market."

From the perspective of power distribution, in November,the export growth rate of new energy vehicles was significantly lower than that of traditional fuel vehicles (including fuel vehicles and hybrid vehicles).In November, the export of traditional fuel vehicles was 407000 units, a month on month decrease of 1.6% and a year-on-year increase of 5.6%; The export of new energy vehicles was 83000 units, a month on month decrease of 35.2% and a year-on-year decrease of 14.1%. From January to November, the export of traditional fuel vehicles reached 4.203 million units, a year-on-year increase of 26.7%; The export of new energy vehicles reached 1.141 million units, a year-on-year increase of 4.5%.

In 2022 and 2023, the export growth rate of traditional fuel vehicles will be 42.5% and 52.4%, respectively. In the first 11 months of this year, the export growth rate of traditional fuel vehicles decreased by half compared to last year. In terms of new energy vehicles, the export growth rates for 2022 and 2023 are 120.2% and 77.6%, respectively. In the first 11 months of this year, the growth rate of new energy vehicle exports dropped to single digits.

A new trend has emerged in the export of new energy vehicles, with plug-in hybrid vehicles becoming the new engine for new energy vehicle exports. In November, the export of pure electric vehicles was 58000 units, a month on month decrease of 43.8% and a year-on-year decrease of 29.2%; The export of plug-in hybrid vehicles was 25000 units, a month on month increase of 1.9% and a year-on-year increase of 74.3%. From January to November, the export of pure electric vehicles was 894000 units, a year-on-year decrease of 10.8%; The export of plug-in hybrid vehicles reached 246000 units, a year-on-year increase of 1.8 times.

Chen Shihua pointed out that plug-in hybrid vehicles have huge growth potential, and many companies have already seen this opportunity. The popularization of pure electric vehicles overseas is not so easy because the charging infrastructure is not very complete overseas, the price of plug-in hybrid models is not high, and the range is relatively long. There is great potential for development in overseas markets.

In fact, plug-in hybrid vehicles not only have rapid export growth, but their performance in the domestic market is also quite strong. Plug in hybrid vehicles have become the main growth force in the domestic new energy vehicle market in the past two years. Although the overall growth rate of the domestic new energy vehicle market has been slowing down since 2022, the growth rate of plug-in hybrid models is much higher than that of pure electric models. In the first 11 months of this year, sales of pure electric vehicles reached 6.738 million units, with a year-on-year growth rate of 15%; Plug in hybrid vehicles sold 4.519 million units, with a year-on-year growth rate of 85.2%.

With more and more car companies entering the plug-in hybrid vehicle market, the product richness and technological maturity of this power type have been rapidly improved. Whether overseas or domestically, plug-in hybrid vehicles have rapidly increased in size and become increasingly important due to their various advantages.

We have abundant and high-quality automotive resources, smooth export channels, and comprehensive after-sales service.

Approaching the end of the year, bulk car purchases can enjoy big discounts!

Do you want to import new energy vehicles from China? ZMEV will be your trusted Chinese partner!