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home > industry news > the star-studded road: the rise of plug-in hybrids in the automotive market
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mr. andrei ritter of bentley motors has predicted that the transition period of plug-in hybrids may be longer than expected. he stressed that bentley will provide customers with more hybrid version models to meet the needs of different users. liu changqing of hongqi brand also said that hongqi hs7 phev is equipped with the latest hongqi hybrid technology, setting a new flag for china's luxury hybrid. this car not only enriches the product line of hongqi brand, but also provides consumers with more green travel options.
in addition to brands such as bentley and volvo, broader market changes are also quietly taking place. toyota motor announced that it would lower its global electric vehicle production forecast to 1 million units in 2026, reflecting the adjustment of market demand. as the market responds, toyota is also actively exploring new electrification strategies.
china's new energy vehicle market is facing a trend of slowing growth, and plug-in hybrid technology plays an important role in this process. the sales of plug-in hybrid models accounted for 78% of the global market, which is directly related to the domestic passenger car new energy penetration rate exceeding 50%. as consumers' purchase speed of electric vehicles changes, some brands have begun to adjust their electrification goals.
however, the advantages of plug-in hybrid technology are also being proven. according to the wall street journal, plug-in hybrid technology, which can run on both oil and electricity, is eroding the potential demand for pure electric vehicles. in just over three years, the chinese market has shown a strong performance of "plug-in hybrid + extended range".
cui dongshu, secretary general of the china passenger car association, said that china's share of the world's plug-in hybrid market continues to strengthen. from 2017 to 2018, china's plug-in hybrid market share hovered around 30%-50%, and fell to 25% in 2020. however, as time goes by, china's plug-in hybrid market share continues to grow, reaching 32% in 2021, 56% in 2022, and 69% in 2023, and finally reaching an ultra-high level of 75% (77% in the second quarter).
these data show that the status and value of plug-in hybrid technology in the automotive market are constantly improving.