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Rising Popularity of Hybrid Cars in China: An Economical Choice Amid EV Range Anxiety and Economic Slowdown
Affordable and effective: Hybrid vehicles are becoming more popular in China due to range concerns with electric vehicles
In July, hybrid vehicles accounted for 45.1 per cent of all electric vehicle deliveries 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 fuel for extended journeys, now make up nearly 50% of new electric vehicle sales this year. Numerous manufacturers are accelerating their research and manufacturing processes to cater to the increasing consumer interest.
In July, BYD, Volkswagen, Toyota and other similar companies sold 396,000 hybrid vehicles to customers in mainland China, making up 45.1% of total electric vehicle sales, as per information released by the China Passenger Car Association (CPCA). This percentage has seen a rise from 34.3% compared to the same month the previous year.
"Hybrid vehicles are a more cost-effective option for a lot of young individuals buying their first car," stated Zhao Zhen, a sales manager at Wan Zhuo Auto, a dealership based in Shanghai. "They unexpectedly profit from a sluggish economy."
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Chinese electric vehicle manufacturer Xpeng has introduced affordable car models priced below $17,000.
Official data reveals that retail sales in China are witnessing sluggish growth in the years following the pandemic, as consumers have become more prudent with their expenditure. The prolonged downturn in the housing market and increasing unemployment have led many people to prioritize paying off their mortgages ahead of schedule, thereby reducing their debt instead of increasing their spending.
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