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This was largely caused by high sales growth of extended-range EVs (EREVs), popularised by BYD and Li Auto. As a result, other Chinese OEMs have begun rolling out new PHEVs, which will exacerbate their appeal. This was calculated assuming normal scrappage rates. The market’s swing towards PHEVs, from 18.3%
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. Furthermore, global EV-leader BYD has expansion plans for the region alongside other Chinese OEMs. PHEVs boom in China EV Volumes has again increased Chinese light-vehicle market forecast for 2024, to just under 25.8
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