Electric cars and plug-in hybrids outsold non-hybrid internal combustion vehicles in China – the world’s largest new car market – in July, according to a report. Reuters.
Plug-in vehicle sales rose 37% last month from a year earlier, hitting a record high 50.7% market shareaccording to the report citing data from the China Passenger Car Association.
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Electric vehicles and plug-in hybrid vehicles—collectively referred to as “new energy vehicle” (NEV) in the Chinese industry—have been selling well over the past decade thanks to generous government incentives, but those sales have taken an even bigger leap forward recently. Reuters notes that NEVs accounted for just 7% of total car sales in China three years ago, attributing the recent sales growth to heavy investments in the EV supply chain that have bolstered domestic automakers.
Sales of electric and plug-in hybrid vehicles increase It is also taking place amid a general downturn in China’s new car market. Sales grew in July after a 28.6% increase in June, according to Reuters. Electric vehicles alone saw sales rise 9.9% in June and 14.3% in July. But China’s overall auto sales fell 3.1% last month, the fourth straight month of declines.
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While China counts all-electric vehicles and plug-in hybrids together, there is an important distinction between the two when it comes to projecting lifetime carbon emissions. If a plug-in hybrid is not plugged in, they will increase the demand for oil like a gasoline car
Meanwhile, electric and hybrid vehicles account for 18% of the US car market in the first quarter of 2024, according to the Energy Information Administration. High tariffs are preventing Chinese automakers from bringing their electric cars and plug-in hybrids For this market, this is unlikely to change regardless of this year’s results. presidential election.
