- The latest sales report from China’s Passenger Car Association shows that for the first half of April, 260,000 of the 516,000 passenger cars sold were “New Energy Vehicles”, or EVs – approximately 50.39%.
- NEV is a classification used in China, consisting almost primarily of fully-electric vehicles, with some plug-in hybrid and fuel-cell models also thrown into the mix.
- The record figure displays the rapid growth of electric vehicles within the country, and indicates that other countries have some serious catching up to do.
EVs become the norm in China
The growth has come much quicker than analysts expected, with a Moody’s forecast earlier this month predicting that China would not reach 50% EV market share until 2030. Whether the country can maintain or increase this high market share figure over the next few months will be crucial for ensuring that NEVs are becoming the standard choice for Chinese consumers.
One of the reasons for China’s rapid EV growth is inevitably the selection of low-price EVs available. Take the BYD Seagull for example, on sale in the country for 69,800 yuan – equivalent to around $9,639. This was also the 5th best selling EV in China last month, shifting 27,866 units according to Chinese automobile statistics site Yiche. Arrivals of models such as this, along with other low-price options into regions such as Europe will go a long way to boost adoption, particularly important ahead of deadlines such as the UK’s 2035 ICE cut-off. Norway has still maintained its position as a world leader for EV market share, where the vast majority of new passenger car sales have been electrified: EVs accountedfor 91.5% of Norway’s car sales last month.
