MILESTONE: OVER HALF OF CARS SOLD IN CHINA ARE ELECTRIC OR HYBRID

Currently, more than half of the cars sold in China are electric or hybrid, a significant milestone in the growth of the “new energy vehicles” (NEVs) market.

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In the first half of April 2024, out of the 516,000 cars sold, 260,000 were electric or plug-in hybrids, representing 50.4% of the total. Although there was an 11% drop in total sales compared to the same period last year and a 3% drop compared to March, NEV sales increased by 32% compared to the previous year.

This rapid growth has surpassed expectations. The Economist Intelligence Unit projected that the NEV share would only reach 50% by 2028, but the reality of the Chinese market showed a faster adoption of electric and hybrid vehicles than anticipated.

The Chinese Association of Automobiles predicts that in 2024, 40% of cars sold will be hybrid or electric, with total sales of 12 million new vehicles during the year.

The shift to electric and hybrid vehicles in China also reflects a transformation in the global automotive market, with Chinese companies gaining ground while joint ventures between local companies and foreign manufacturers lose traction.

Source: Quatro Rodas

This content was created with the help of AI.

2024-05-09T14:17:02Z dg43tfdfdgfd