China’s new-energy passenger vehicle market continues its remarkable growth trajectory, with retail sales soaring to nearly 1.27 million units in November. According to the latest data released by the China Passenger Car Association (CPCA) on Monday, this represents a significant 50.5 percent increase compared to the same period last year and a 5.9 percent rise from October.
The production of new-energy passenger vehicles also witnessed substantial growth, reaching approximately 1.48 million units in November. This marks a 49.3 percent year-on-year increase and a 7.1 percent uptick from the previous month.
The penetration rate of new-energy vehicles in the domestic market climbed to an impressive 52.3 percent last month, indicating that more than half of the passenger cars sold in China are now new-energy vehicles. This surge underscores China’s commitment to transitioning towards sustainable transportation and reducing carbon emissions.
From January to November, total retail sales of new-energy passenger cars amounted to 9.59 million units, showcasing a robust 41.2 percent increase from the previous year. This consistent growth reflects strengthening consumer confidence and supportive government policies driving the adoption of electric and hybrid vehicles.
On the export front, however, there was a slight decline. China shipped about 80,000 new-energy passenger vehicles in November, a 6.3 percent decrease year-on-year. Nevertheless, cumulative exports from January to November reached about 1.17 million units, marking a 24.6 percent increase compared to the same period in 2023.
The sustained growth in both domestic sales and production positions China’s new-energy vehicle industry as a pivotal player in the global automotive market. As the country continues to innovate and invest in new-energy technologies, it is poised to influence global trends and contribute significantly to the future of sustainable mobility.
Reference(s):
cgtn.com
