China's NEV Sales Surpass ICE Cars for First Time in July

Aug 7, 2024, 10:44 AM

In July 2024, China's sales of new energy vehicles (NEVs), including electric vehicles (EVs) and hybrids, surpassed those of internal combustion engine (ICE) cars for the first time. According to preliminary data from the China Passenger Car Association (CPCA), NEV sales reached 879,000 units, marking a 37% year-on-year increase and achieving a market penetration rate exceeding 50%. Despite this milestone, overall passenger car sales in China fell by 3.1% year-on-year to 1.73 million units, continuing a four-month decline in the auto market. BYD, a leading NEV manufacturer, reported a record 342,383 units sold in July, reflecting a 30% year-on-year increase. The shift towards NEVs highlights growing consumer interest in environmentally friendly vehicles amid a cooling auto market.