Annual sales reports from the China Association of Automobile Manufacturers (CAAM)

China Leads Global EV Market with Record 1 Million August Sales; Tesla and Shenzhen Highlighted

Sep 9, 2024, 08:06 AM

China's electric vehicle (EV) market continues to lead globally, with 1 million new energy vehicles (NEVs) sold in August, accounting for 53% of all new cars in the country. Despite an overall 1.1% decline in passenger vehicle sales to 1.92 million units, the NEV segment surged by 43% year-on-year. Tesla's performance in China has been notable, with the company exporting 23,241 vehicles and achieving its highest domestic sales of the year at 63,456 units in August. However, Tesla's market share in China has dropped to 6.5% in the first seven months of the year, down from 9% a year earlier. Shenzhen became the first city in China to have more electric vehicle fast charging stations than gas stations, with 1.08 million NEVs making up 25% of the city's 4.26 million cars.