In China, hybrid vehicles are overtaking battery-electric models in popularity, with BYD reporting sales of approximately 4.3 million cars, including 2.5 million hybrids.
This marks a shift from 2023 when BYD sold slightly more electric vehicles than hybrids. Tesla continues to sell over 600,000 electric vehicles annually, with the Model Y being the second best-selling electric car, although its growth rate has slowed.
Li Auto achieved record deliveries of over 500,000 vehicles, predominantly hybrids, while Leapmotor aims for 500,000 deliveries in 2025.
New entrants like Xiaomi have intensified competition, launching the electric sedan SU7 and delivering over 135,000 units. By July, electric vehicles accounted for over half of all cars sold in China, reaching a penetration rate of 52.3% by November.
Chinese cities are facilitating registration for electric and hybrid vehicles, supported by subsidies to promote local brands and reduce reliance on foreign manufacturers.