China has set a new record with over 1 million electric vehicles sold in a month. In contrast, Europe has seen a decline in EV sales for the first time this year.
According to data from market research firm Rho Motion, China has become the first country to sell over one million electric vehicles (EVs) in a single month. This milestone was achieved in August, surpassing the previous record of 70,000 set in December 2023, reports Fleet World magazine. As of the end of August, EV sales in China were up 33% year-on-year.
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Charles Lester, Data Director at Rho Motion, believes this is just the beginning: “China selling over 1 million electric vehicles in a month is just the start. We predict this milestone will be hit several times before the end of the year as sales typically spike in the second half.”
While China’s EV market exhibits tremendous growth, it doesn’t reflect the entire picture of the country’s automotive landscape. In August, data from the China Passenger Car Association (CPCA) showed that sales of combustion engine vehicles in the country dipped by 1.1%, amounting to 1.92 million units.
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According to Reuters, the surge in sales of new energy vehicles (NEVs), including pure electric and hybrid models, can be attributed to government incentives. Individuals opting to trade in their ICE vehicles for NEVs (pure electric or hybrid) are eligible for a subsidy of 20,000 CNY (~$2,850).
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Those who trade in their older vehicles for ones with lower engine displacement (to curb emissions) will also receive a separate grant of 15,000 CNY (~$2,135). Currently, 53.5% of vehicles sold in China are NEVs (hybrids and electric cars).
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In contrast, Europe witnessed a dip in EV sales in August, marking the first decline this year. Among the European Union nations, sales dropped by 4%. This downturn is attributed to factors such as the cessation of subsidies in Germany and the EU’s imposition of trade restrictions on Chinese EVs.
Data presented by Rho Motion indicates that the global demand for electric vehicles continues to rise, with 9.8 million EVs sold so far in 2024, reflecting a 20% growth year-to-date as of August. The report characterizes the 9% growth in EV sales in the US and Canada as “steady,” but cautions that the future remains uncertain as it could hinge on the outcome of the upcoming presidential election in November.
TT (Tuoitrethudo)
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