China NEV Penetration Tops 60% for First Time in July
TMTPOST — New-energy vehicles accounted for 60.4 percent of China’s new-vehicle sales in July, the first time the monthly share has exceeded 60 percent, according to data released by the China Association of Automobile Manufacturers.
Automakers sold 2.584 million vehicles in July, essentially flat from a year earlier. Domestic sales fell 23.6 percent to 1.541 million units, while exports surged 81.3 percent to 1.043 million units, more than offsetting the domestic decline. New-energy vehicle sales reached 1.561 million units, up 23.7 percent year on year.
Within the domestic market, new-energy vehicles represented 65.4 percent of sales, meaning roughly two out of every three cars sold in China were electrified. Strong overseas demand continued to support overall volumes as domestic demand for conventional vehicles remained weak.
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