China’s production and sales of new energy vehicles (NEVs) have witnessed remarkable growth in the first eight months of this year, with the NEV market share steadily increasing in the domestic market, according to industry data released on Tuesday.
From January to August, NEV production reached approximately 7.01 million units, marking a 29 percent increase year on year, data from the China Association of Automobile Manufacturers (CAAM) showed.
Sales figures were equally impressive, with NEV sales standing at 7.04 million units, representing a 30.9 percent growth compared to the same period last year. The NEV market share in China climbed to 37.5 percent during this period.
In August alone, the production and sales of NEVs hit 1.09 million units and 1.1 million units respectively, showcasing a year-on-year increase of 29.6 percent and 30 percent, as per the CAAM report.
Notably, NEV sales in August accounted for a substantial 44.8 percent of the total new vehicle sales in the Chinese mainland, highlighting the rapid adoption of electric vehicles among consumers.
The export of NEVs also experienced significant growth. In the January-August period, approximately 818,000 units were exported, indicating a year-on-year increase of 12.6 percent.
The stellar performance of China’s NEV market underscores the nation’s commitment to sustainable development and green technology. Industry experts attribute this growth to supportive government policies, advancements in battery technology, and increasing consumer awareness of environmental issues.
As the global demand for eco-friendly transportation solutions rises, China’s NEV industry is poised to play a pivotal role in shaping the future of mobility, offering opportunities for investors, manufacturers, and technology innovators alike.
Reference(s):
China's NEV output, sales register stellar growth in first 8 months
cgtn.com
