Chinese EV car sales exceed 50% for the first time ever

Ro, 22 April 2024

A quick market analysis between April 1 and 14 shows that EV sales account for more than 50% of all car sales in China. This is a huge milestone that was not coming before 2028, at least according to some analysts.

Chinese EV car sales surpass 50% for the first time ever

It's perhaps important to note that the Chinese definition of EV falls under the "new energy vehicles", which includes not only EVs but PHEVs and EREVs. Still, of all the 516,000 cars sold between the start and middle of April, NEVs accounted for 260,000 units, which is a 32% increase year-over-year and 2% month-over-month.

However, overall vehicle sales are down in the country, which means ICE sales are slumping particularly hard. Overall car sales fell 11% year-on-year.

Surely, these two weeks are a tiny period of the whole 2024 year, so we would have to wait and see for how long NEVs will maintain their growth. The Chinese Federation of Passenger Cars predicted a 40% penetration rate this year, but it may have underestimated the speed of the transition.

ICE vehicle sales by Chinese ventures are falling from a cliff this year, with SAIC GM sales down by 14.5%, GAC Honda by 13.7%, and SAIC Volkswagen by 8%. Even the best-selling ICE cars in March, the Toyota Camry and VW Lavida, fell by 59.2% and by 36.4%, respectively.



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