Posted on 12 Aug 2024
Chinese new passenger electric vehicle sales rose 36.9% in July to 878,000 units, up also 2.8% month-on-month, Kallanish learns from China Passenger Car Association (CPCA).
Of that, battery electric cars (BEVs) accounted for 482,000 units up 14.3% y-o-y, but down 1.6% m-o-m. Plug-in hybrids (PHEVs) surged 80.4% y-o-y to 396,000 units. These retail sales also increased 8.8% compared to June.
Cumulatively, in the first seven months of this year, about 4.99 million units of passenger EVs were sold in China, an on-year increase of 33.7%. BEV sales rose 15.5% y-o-y to 2.9 million units in the period. PHEV sales, however, jumped 71.6% to 2.08m units.
In terms of exports, passenger NEV export volume reached about 92,120 units in July, accounting for 24.5% of all exports. This is a slight 1.3% increase compared to July 2023, but up 18.2% compared to June.
CPCA also highlights that in July, the NEV penetration rate in retail reached 51.1%, an on-year increase of 15 percentage points from July 2023’s 36.1%.
China gained a market share of 78% in the global PHEV market, which also contributed to its growth in the NEV industry.
Source:Kallanish Power Materials
