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Rising Popularity of Hybrid Cars in China: Economic Efficiency Overcomes EV Range Anxiety
Affordable and effective: hybrid vehicles become popular in China as electric vehicles cause distance concerns.
In July, hybrid vehicles accounted for 45.1 percent of all electric vehicle deliveries in mainland China, an increase from 34.3 percent the previous year, based on industry figures.
Hybrid vehicles, capable of operating on battery power for short trips and switching to gasoline for extended journeys, now constitute nearly 50% of new electric vehicle sales this year. This is due to multiple manufacturers accelerating their research and manufacturing processes to cater to the increasing market demand.
Companies such as BYD, Volkswagen, and Toyota sold 396,000 hybrid vehicles to customers on the mainland in July, making up 45.1% of all electric vehicle sales, as per the data released by the China Passenger Car Association (CPCA). This is an increase from the 34.3% market share they held during the same period last year.
"Hybrid cars are more affordable for numerous youthful, novice vehicle purchasers," stated Zhao Zhen, a sales manager at Shanghai's Wan Zhuo Auto dealership. "They unexpectedly profit from an economic downturn."
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Chinese electric vehicle manufacturer, Xpeng, has introduced affordable car models priced below $17,000.
Official data indicates that Chinese shoppers have become more prudent with their expenditures, resulting in sluggish growth in retail sales during the years following the pandemic recovery. The enduring decline in the housing market, coupled with an increase in unemployment, has driven a significant number of individuals to prioritize paying off their mortgages ahead of time, thereby reducing their debts instead of increasing their spending.
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