China Passenger Car Association (CPCA) reports

China's NEV Sales Surpass ICE with 50.8% Penetration in July; BYD Leads Market

Aug 7, 2024, 02:08 AM

In July 2024, China's new energy vehicle (NEV) market reached a significant milestone, with NEV sales surpassing internal combustion engine (ICE) sales for the first time. Preliminary data from the China Passenger Car Association (CPCA) indicates that NEV sales accounted for 50.8% of the total 1.729 million passenger car sales, with 879,000 NEVs sold. This marks a 37% year-on-year increase in NEV sales. BYD led the market with a record 342,383 NEV units sold in July, a 30% increase from the previous year, capturing 36.4% of the NEV market share. The overall growth in NEV sales is part of a broader trend in China, where the market share of new energy passenger vehicles exceeded 64.5% in the first half of 2024, significantly contributing to the global green transition.