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Hybrid Cars Surge in Popularity in China Amid EV Range Anxiety: A Shift in Trend or an Economic Necessity?
Affordable and effective: Hybrid vehicles are becoming popular in China as concerns over EVs' driving range increase
In July, hybrid vehicles constituted 45.1 per cent of all EV shipments in mainland China, a significant increase from 34.3 per cent the previous year, as per industry statistics.
Hybrid vehicles, capable of operating on battery power for short trips and transitioning to gasoline for extended journeys, now make up nearly half of all new electric vehicle purchases this year. Multiple manufacturers are accelerating their development and manufacturing processes to cater to the increasing consumer interest.
In July, BYD, Volkswagen, Toyota, and other similar companies sold 396,000 hybrid vehicles in mainland China, making up 45.1% of all electric vehicle sales, as reported by the China Passenger Car Association (CPCA). This percentage is a noticeable increase from the 34.3% recorded in the same month the previous year.
"Hybrid vehicles are proving to be cost-effective for numerous young, first-time auto purchasers," stated Zhao Zhen, a sales manager at Wan Zhuo Auto, a dealership situated in Shanghai. "They unexpectedly reap benefits from an economic downturn."
Two hours and thirty
Chinese electric vehicle manufacturer Xpeng has revealed affordable car models priced below $17,000.
The spending habits of Chinese consumers have become more conservative, resulting in weak growth in retail sales in the years following the pandemic, according to official figures. A protracted downturn in the housing market, coupled with increasing unemployment, has prompted many to focus on paying off their mortgages early, thereby reducing their debt instead of increasing their expenditure.
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