Zhong Guo Qi Che Bao Wang·2025-12-31 09:33Core Viewpoint - The demand for plug-in hybrid vehicles (PHEVs) is declining in the domestic market but is surging in overseas markets, driven by global automotive industry transformation, changes in trade environments, and technological advancements by Chinese automakers [2][16]. Group 1: Market Performance - In November, PHEV exports reached 124,000 units, a month-on-month increase of 37.3% and a year-on-year increase of 400%, significantly outpacing pure electric vehicle (EV) growth [2]. - From January to November, PHEV exports totaled 842,000 units, a year-on-year increase of 240%, compared to less than 300,000 units for the entire previous year [2]. - In Shanghai, the export value of hybrid vehicles reached 25.72 billion yuan, a substantial increase of 174.8% [2]. Group 2: Charging Infrastructure Disparities - The development of charging infrastructure is uneven globally, creating a natural market space for PHEVs, especially in regions like Europe and Southeast Asia where fast-charging facilities are lacking [3]. - As of the end of 2024, Europe is projected to have nearly 1 million public charging stations, but this growth is insufficient to meet the demand from the increasing number of EVs [3]. - In Germany, the ratio of electric vehicles to public charging stations is approximately 16.7:1, indicating a significant shortfall in charging infrastructure [4]. Group 3: Trade Policy Impacts - Trade policies favoring PHEVs have emerged as a significant driver for their export growth, as many countries impose high tariffs on pure EVs while exempting PHEVs [6][7]. - The EU has announced a 5-year anti-subsidy tax on Chinese pure EVs, while PHEVs remain exempt due to their classification as transitional technologies [7]. - Similar favorable policies exist in markets like Brazil and Indonesia, where PHEVs benefit from lower import tariffs compared to pure EVs [7][8]. Group 4: Domestic Market Trends - The domestic PHEV market is experiencing a slowdown, with a year-on-year growth of 16.4% from January to November, compared to 41.2% for pure EVs [9][11]. - The initial demand for PHEVs driven by license plate advantages is diminishing as cities adjust their policies, leading consumers to prefer pure EVs [9]. - The improvement of charging infrastructure in urban areas has reduced the appeal of PHEVs, as consumers find pure EVs more convenient [9]. Group 5: Competitive Landscape - The domestic PHEV market has become highly competitive, with over 150 models available, leading to price wars that have reduced prices by 10% to 15% [10]. - The increase in competition has pressured profit margins for manufacturers, prompting a more rational consumer choice [10]. Group 6: Technological and Cost Advantages - Chinese automakers have developed advanced PHEV technologies, such as the series-parallel hybrid system, which enhances energy efficiency and driving experience [13][14]. - The complete supply chain for PHEVs in China allows for lower production costs compared to European counterparts, making Chinese PHEVs more competitively priced in international markets [14]. - The cost advantage is evident, with Chinese PHEV SUVs starting at approximately 36,000 euros, significantly lower than similar models from European brands [14]. Group 7: Future Outlook - The growth of PHEVs in overseas markets provides a crucial support for the global expansion of Chinese automakers, allowing them to leverage their technological and cost advantages [15][16]. - As global charging infrastructure improves and pure EV technology advances, PHEVs may gradually exit mature markets but will continue to meet demand in emerging markets [15]. - The long-term vision remains focused on pure EVs as the ultimate goal, but PHEVs will play a vital role during the global energy transition [15].