EVs Overtake Gasoline Car Sales for First Time in China
In a historic milestone for the automotive industry, electric vehicle (EV) sales in China surpassed those of internal combustion engine vehicles for the first time in July. According to data released by the China Passenger Car Association (CPCA), consumer EV sales rose 28.6% year-on-year, achieving a penetration rate of 51.1%. This shift marks the transition of EVs into the mainstream within the world's largest and most competitive car market. Specifically, new energy vehicles (NEVs), which include all-electric and plug-in hybrid models, recorded sales of approximately 878,000 units. In contrast, sales of gas-powered passenger vehicles declined by 26% year-on-year and 7% month-on-month, totaling around 840,000 units. This development significantly outpaces previous expectations, as the overall EV penetration rate was only 35.7% last year and was projected to reach just 40% in 2024. The Chinese government had previously set a target for NEVs to account for 25% of new car sales by 2025, a goal that was already achieved ahead of schedule in 2022. This event underscores the rapid acceleration of the green energy transition in China's automotive sector.
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EVs Overtake Gasoline Car Sales for First Time in China
In a historic milestone for the automotive industry, electric vehicle (EV) sales in China surpassed those of internal combustion engine vehicles for the first time in July. According to data released by the China Passenger Car Association (CPCA), consumer EV sales rose 28.6% year-on-year, achieving a penetration rate of 51.1%. This shift marks the transition of EVs into the mainstream within the world's largest and most competitive car market. Specifically, new energy vehicles (NEVs), which include all-electric and plug-in hybrid models, recorded sales of approximately 878,000 units. In contrast, sales of gas-powered passenger vehicles declined by 26% year-on-year and 7% month-on-month, totaling around 840,000 units. This development significantly outpaces previous expectations, as the overall EV penetration rate was only 35.7% last year and was projected to reach just 40% in 2024. The Chinese government had previously set a target for NEVs to account for 25% of new car sales by 2025, a goal that was already achieved ahead of schedule in 2022. This event underscores the rapid acceleration of the green energy transition in China's automotive sector.
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