Saturday, July 13, 2024

China’s NEV Retail Sales Reach 856,000 Units in June, Marking 28.6% Year-on-Year Growth

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China’s retail sales of new energy vehicles (NEVs) surged to 856,000 units in June, marking a significant 28.6% increase from the previous year, according to data released today by the China Passenger Car Association (CPCA). This figure, while slightly lower than earlier estimates, reflects a 6.4% rise from May, underscoring continued momentum in the country’s EV market.

Battery electric vehicles (BEVs) accounted for 57.6% of NEV sales in June, totaling 493,000 units, up 9.9% year-on-year but slightly down from May’s figures. Plug-in hybrids (PHEVs) contributed 42.4% of NEV sales, reaching 363,000 units, reflecting a robust 67.2% increase from last year.

Overall passenger vehicle retail sales in China reached 1,767,000 units in June, showing a modest decline of 6.7% compared to last year but a 3.2% uptick from May’s numbers.

NEV penetration in the retail market reached a record 48.4% in June, marking a significant increase from 34.9% a year ago and highlighting growing consumer adoption of electric vehicles. Domestic brands dominated NEV sales, accounting for 72.5% of the market, compared to 29.8% for luxury brands and 7.4% for mainstream joint venture brands, according to CPCA data.

Wholesale sales of passenger NEVs in China also saw strong growth, reaching 982,000 units in June, up 29.0% year-on-year and 9.5% from May. NEV penetration in wholesale markets hit a record 45.3%, driven by robust performance across domestic brands.

Exports of passenger NEVs from China totaled 80,000 units in June, up 12.3% year-on-year but down 15.2% from May, with BEVs constituting 72.6% of total NEV exports. A0- and A00-class BEVs from Chinese brands accounted for 27% of NEV exports, reflecting increasing global demand for Chinese electric vehicles.

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