Cheap and efficient: hybrid cars gain favour in China as EVs stoke range anxiety
Hybrid cars made up 45.1 per cent of total EV deliveries in mainland China in July, versus 34.3 per cent a year ago, according to industry data
Hybrid cars, which can run a short distance on battery and switch to fuel for longer drives, now account for almost half of new EV sales this year, with several producers revving up development and production to meet growing demand.
BYD, Volkswagen, Toyota and their peers sold 396,000 hybrid cars to mainland buyers in July, or 45.1 per cent of total EV deliveries, according to data published by the China Passenger Car Association (CPCA). Their share increased from 34.3 per cent in the same month last year.
“Hybrid cars are more economical to many young, first-time car buyers,” said Zhao Zhen, a sales director with Shanghai-based dealer Wan Zhuo Auto. “They are a surprise beneficiary of an economic slowdown.”
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Chinese EV maker Xpeng unveils budget car models priced under US$17,000
Chinese consumers are more cautious in their spending, leading to anaemic gains in retail sales in the post-pandemic recovery years, official data showed. A multi-year housing slump and rising job losses have pushed many to prepay their mortgages, trimming debt rather than boosting spending.
