China's NEV Sales Surge 43.2% to 1.027M in August, Tesla Hits Record with 6.2% Market Share

Sep 9, 2024, 09:07 AM

China's new energy vehicle (NEV) sales surged 43.2% year-over-year in August to a record 1.027 million units, marking the first time NEV sales have exceeded 1 million units in a single month. This growth comes despite a 1% decline in overall passenger car sales, which totaled 1.9 million units. Plug-in hybrid electric vehicle (PHEV) retail sales also hit a record high for the third consecutive month. Tesla China contributed significantly to this surge, selling 86,697 vehicles in August, a 3% increase from the previous year. Tesla's domestic sales reached a 2024 high of 63,456 units, with 23,241 units exported, although its market share dropped by 2.8 percentage points to 6.2%. The data was released by the China Passenger Car Association (CPCA).