PHEVs and Range-Extended EVs Still Hold Market Value as BEVs Haven’t Fully Replaced Transitional Models

Despite rapid advancements in domestic battery electric vehicle (BEV) technology—bringing ultra-fast charging capabilities close to the refueling efficiency of gasoline vehicles—and steadily growing market share, plug-in hybrid (PHEV) and extended-range electric vehicles (EREVs) continue to hold a significant position in the market. Currently, only Tesla and NIO adhere strictly to a pure-electric strategy and have built their own dedicated charging infrastructure; all other major new energy vehicle (NEV) manufacturers offer PHEV or EREV models. Influenced by consumer concerns over range anxiety and the need for long-distance travel—especially during peak periods like the Spring Festival holiday—PHEVs and EREVs serve as a transitional choice for more cautious buyers. Meanwhile, these vehicles are also undergoing upgrades: entry-level models priced around RMB 100,000 now offer over 200 km of pure electric range, while premium models like the Li Auto L9 achieve up to 420 km and support 5C ultra-fast charging. As a result, under current market conditions, PHEVs and EREVs effectively balance the benefits of new energy driving with convenient refueling, making them unlikely to be fully replaced by BEVs in the near term.