China’s new energy vehicle (NEV) market showed impressive growth in August, with total sales reaching 1.395 million units. This marked a 26.8 percent increase compared to the same period last year and a 10.54 percent rise from July, according to data released by the China Association of Automobile Manufacturers (CAAM).
The NEV market includes battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. BEV sales saw a significant increase of 40.5 percent year-on-year in August, reaching 908,000 units. Meanwhile, PHEV sales grew by 7.5 percent year-on-year, totaling 487,000 units.
NEV exports continued to be a driving force behind the market’s growth, with a 103.6 percent year-on-year increase in August. This marked the fourth consecutive month of over 100 percent growth in NEV exports. In total, 224,000 NEVs were exported from China in August.
In terms of domestic sales, NEVs reached 1.171 million units in August, representing an 18.3 percent year-on-year increase. The penetration rate of NEVs in the Chinese market reached 48.8 percent in August, surpassing the figures from the previous year.
Export numbers were also strong, with 611,000 vehicles being exported from China in August. BEV exports saw a 63.4 percent year-on-year increase, totaling 143,000 units. PHEV exports, on the other hand, reached 81,000 units, showing a significant 270 percent increase compared to the previous year.
Overall, China’s total vehicle sales in August reached 2.857 million units, indicating a 16.4 percent year-on-year increase. The NEV market continues to show resilience and growth, with BEVs leading the way in both domestic sales and exports. The market’s strong performance is a testament to the increasing demand for environmentally friendly vehicles in China and beyond.
