Preface
From January to June, retail sales of passenger NEVs, including electric and plug-in hybrids, reached 4.1 million units, marking a significant 33.2% increase compared to the same period last year, according to data released by the China Passenger Car Association (CPCA). Production also saw substantial growth, rising by 28.9% to 4.6 million units. Furthermore, the export market demonstrated strong performance, with 586,000 vehicles shipped internationally, representing a 21.2% year-on-year increase.
In this report, Infoturbo provides an overview of the sales for each segment in the Chinese NEV market in the first half of 2024. Take a look!
Contents
OVERVIEW I: NEV SALES & PRODUCTION SEE DOUBLE-DIGIT GROWTH IN FIRST SIX MONTHS
From January to June, China's sales and production of passenger NEVs continued to maintain rapid YoY growth, reflecting steady growth in the nation's NEV sector. Gaining attention domestically, NEVs also made a splash in the global market, which is showing a growing interest in China's high-tech electric vehicles with competitive prices. Exports of China's passenger NEVs in the first half of the year surged 21.2% YoY to 586,000 units, accounting for 26.1% of the country's total passenger car exports.
In the first half of 2024, battery electric vehicles (BEVs) and plug-in hybrid EVs (PHEVs) saw robust sales and production growth, thanks to governments' favorable policies and carmakers' promotional campaigns. China's passenger NEV penetration rate at retail hit 41.8% in the January-June period. Notably, the penetration rate of BEVs and PHEVs reached 24.6% and 17.2%, respectively, according to data from the CPCA.
BYD continually streaked ahead of its rivals with a larger market share;
All carmakers maintained their positions, with SERES and Chery leading the growth;
Tesla China and GAC AION still suffered sales declines.
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1. SALES ANALYSIS OF CHINESE AUTO MARKET IN MAY 2024
2. SALES ANALYSIS OF CHINESE NEV MARKET IN APRIL 2024
3. SALES ANALYSIS OF CHINESE NEV MARKET IN MARCH 2024
4. SALES ANALYSIS OF CHINESE NEV MARKET IN FEBRUARY 2024
5. SALES ANALYSIS OF CHINESE NEV MARKET IN JANUARY 2024
