China – 2nd Quarter and YTD 2015
Good news for China NEV sales again: The sales of plug-in vehicles (we are tracking passenger cars, EV and PHEV) increased by 145 % compared to Q2 of last year. A combined volume of 35 500 was delivered during the quarter. NEV share in total passenger cars reached a new peak of 0,9 % in June and so did volumes with 13 700 units delivered. With the current pace, sales are trending towards at least 150 000 EV+PHEV for the year.
Plug-in hybrids gain share
Since the BYD Qin PHEV took over as the best selling plug-in car, it has boosted the overall share of PHEV in total NEV sales. The Qin is incredible value and typically stands for around 30% of all NEV deliveries in China. PHEVs receive lower subsidies than pure EVs, but they are less depending on the rudimentary charging infrastructure and typically sell at lower list-prices before subsidies. We expect more PHEVs from BYD and other Chinese OEM to meet the increasing interest in these variants.
Not much segment match
The segment structure of NEV sales differs a lot from the passenger car market in general. Minis and D-Segment sedans are grossly over-represented among NEVs; the total market typically consists of less than 5 % minis (A-Segment) and ca 10 % D-Segment sedans. The huge C-Segment in China (40 %) is only 7 % in the NEV sector and the fast growing SUV category (30 %) got the first NEV entry as late as last month, the BYD Tang. The overweight on minis and mid-size sedans is partly related to the needs and preferences of important initial NEV target groups (city commuting, public sector & taxi), but also reveals the shortage of attractive alternatives in other segments. Either way, it shows the development potential for the still young and emerging NEV sector.
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