Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | X
Recent data from China Passenger Car Association (CPCA) shows that new energy vehicles (NEVs) constituted 50.39% of vehicle sales from April 1 to 14, surpassing internal combustion engine (ICE) vehicles for the first time.
Sales of new energy models reached 268,000 units, reflecting a significant 43% increase from the same period last year and an 8% increase from the previous month.
In terms of wholesale market performance, passenger car manufacturers distributed 534,000 vehicles during this period, marking a 13% increase from the same period last year but a 9% decrease from the previous month.
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Projections indicate a progressive rise in NEV penetration rates, reaching 40% in 2024, 50% in 2025, exceeding 50% in 2026, and ultimately aiming for a 70% penetration rate in the domestic new energy vehicle market by 2030.
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In March, the CEO and Chairman of China’s largest NEV manufacturer BYD Wang Chuanfu said he expected of new energy vehicles to achieve the milestone until June.
“The penetration rate of NEVs crossed 48.2 percent last week, and if it continues at this rate, I estimate that the penetration could cross 50 percent in the next three months,” Wang said at the China EV 100 Forum in Beijing.
Cui Dongshu, Secretary General of the CPCA, forecasted in late 2023 a 22% surge in wholesale sales of Chinese passenger NEVs this year, expecting them to surpass 11 million units. Additionally, he anticipated that the NEV penetration rate will reach 40%.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | X
