“Plugin vehicles are all the rage in the Chinese auto market. Plugins scored 600,000 sales last month, up 54% year over year (YoY). That pulled the year-to-date (YTD) tally to over 2.5 million units.
“Share-wise, with May showing another great performance, plugin vehicles hit 35% market share! Full electrics (BEVs) alone accounted for 24% of the country’s auto sales. This pulled the 2023 share to 35% (24% BEVs), and considering the current growth rate, we can assume that China’s plugin vehicle market share will end over 40% by the end of 2023.
“Another measure of the importance of this market is the fact that China alone represented around 60% of global plugin registrations last month!”
There is a video of 10,000 never used electric cars in China, rotting away. People aren’t buying them. The government is.