Plugin vehicles continue to be all the rage in the Chinese auto market. Despite the overall market being completely disrupted by Covid lockdowns (-43% year over year), plugins scored over 260,000 registrations in April, up 61% year over year (YoY).
Share-wise, with April showing another great performance, plugin vehicles hit 29% market share! Full electrics (BEVs) alone accounted for 22% of the country’s auto sales! This pulled the 2022 share to 22% (17% BEV).
If electrification continues at this pace, this market will be BEV-based by 2025! Imagine that: the largest automotive market in the world being BEV-based in three years time!