In July, electric and plug-in hybrid car sales in China reached half of total car sales for the first time.
China is witnessing a radical change in the automotive sector. In China, the world's largest automobile market, electric vehicle sales surpassed fossil fuel vehicles for the first time.
This development is considered one of the most important indicators of the rise of electric vehicles in the global automotive industry.
The support given to electric vehicles by the Chinese government, tax advantages and investments in charging infrastructure are among the main reasons for this rapid growth.
In addition, affordable and high-performance electric vehicle models developed by domestic manufacturers are also attracting the attention of consumers.
Electric and plug-in hybrid cars, referred to as new energy vehicles (NEVs) by China, increased by 37 percent on an annual basis in July, reaching 50.7 percent of car sales and breaking a record, according to the China Passenger Car Association.
This represents a 28.6 percent increase in NEVs and a 14.4 percent increase in all-electric vehicles compared to June.
A total of 1.73 million passenger cars were sold in China in July 2024, down 3.1 percent year-on-year. Therefore, in order to boost car sales, the Chinese government increased cash incentives for electric vehicles to 20,000 yuan ($2,785) in late July.
In addition, there is a 20,000 yuan ($2,540) scrap incentive for consumers who replace their gasoline cars with NEVs.
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