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As a result, other Chinese OEMs have begun rolling out new PHEVs, which will exacerbate their appeal. Volumes grew by more than 100% in markets including Australia, Thailand, Brazil, Turkey, Malaysia, and Mexico in 2023 and more than 50% in India and Japan. This was calculated assuming normal scrappage rates.
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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