Adamas Intelligence: China tripled share of global PHEV market in <3 years

Adamas Intelligence reports that in Q3 2023, 76% of all battery capacity (GWh) deployed onto roads globally in newly-sold plug-in hybrids (PHEVs) was registered in China, up from just 28% in Q1 2021 as PHEV sales and average pack capacity (in kWh) continue to surge in tandem.

Two OEMs—BYD and Li Auto—are leading the growth of China’s PHEV market by a long shot, Adamas said:

From the Seal to the Destroyer, BYD offers a growing portfolio of PHEV models across segments and price points that have proven especially popular in China, driving PHEV unit sales steadily higher.

In the case of Li Auto, its popular range extender PHEVs with beefed up battery packs—some upwards of 44 kWh—have contributed to an ongoing rise in the sales-weighted average PHEV’s pack capacity in China over the same period.

Li Auto started volume production in November 2019. Its current model lineup includes Li MEGA, a high-tech family MPV; Li L9, a six-seat family SUV; and Li L8, a six-seat premium family SUV; as well as Li L7, a five-seat family SUV.

The company concentrates its in-house development efforts on its proprietary range extension system, next-generation electric vehicle technology, and smart vehicle solutions while expanding its product line by developing new BEVs and range-extended EVs (REEVs) to target a broader user base.

Earlier this month, Li reported that it delivered 41,030 vehicles in November 2023, representing an increase of 172.9%
year over year. Cumulative year-to-date deliveries of Li Auto vehicles reached 325,677 as of
the end of November 2023, achieving its 2023 target of 300,000 vehicles ahead of schedule.