China's NEV Market Hits Record Sales in October 2024, Up 56.7% YoY

Nov 8, 2024, 09:19 AM

China's new energy vehicle (NEV) market continued its robust growth in October 2024, with retail sales reaching nearly 1.2 million units, according to industry association data. This marks a significant increase from 878,000 units in July 2024. Despite a slight decline in NEV penetration due to faster growth in gasoline vehicle sales, NEV sales have consistently exceeded 50% penetration for four consecutive months. October NEV sales were up 56.7% year-on-year. The overall auto market in China is expected to hit an all-time high of 22 million registrations this year. Additionally, the electric two-wheeler segment recorded sales of 139,159 units in October 2024, showing an 85.14% year-on-year growth.