Geely & Xiaomi Shine In China — January EV Sales Report - CleanTechnica

The January 2024 electric vehicle (EV) sales report for China reveals a typical post-incentive sales slump following December’s record-breaking figures, with overall EV sales down 20% year-over-year (YoY) to 1.5 million units. Battery electric vehicles (BEVs) dropped 17% to 348,000 units, and plug-in hybrid electric vehicles (PHEVs) fell 24% to 248,000 units. However, extended-range electric vehicles (EREVs) bucked the trend with a 1% YoY increase, driven by their popularity in large SUVs less affected by the end of purchase tax exemptions. Despite the slowdown, plug-in electric vehicle (PEV) market share remained strong at 39% (23% BEV), close to January 2025 projections, with expectations to reach 54% PEV share by mid-year and potentially exceed 65% by year-end, underscoring China’s rapid EV adoption. A