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Electric vehicles dominate China’s automotive market, accounting for over 50% of market share. Photo: CarnewsChina. |
According to data from the China Passenger Car Association, the country sold 516,000 vehicles in the first two weeks of April, an 11% decrease compared to the same period last year. Of these, 260,000 were new energy vehicles (NEV), marking a 32% increase from 2023. Consequently, NEVs now hold a 50.39% market share.
| New Energy Vehicles (NEVs) Account for Over Half of China’s Auto Sales | ||
| Sales Performance of Internal Combustion Engine Vehicles and NEVs in China from April 1-14 (Source: CarnewsChina) | ||
| Label | Internal Combustion Engine Vehicles | New Energy Vehicles |
| Units Sold | 256,000 | 260,000 |
Previously, the Chinese government had predicted that NEVs would not surpass a 50% market share before 2028. Similarly, the China Passenger Car Association had forecasted a maximum 40% market share for NEVs this year.
While the data from the first two weeks may not fully represent the overall Chinese automotive market, CarnewsChina asserts that NEVs are well-positioned to maintain or even surpass this market share for the remainder of the year, given the rapid advancements in the electric vehicle industry.
In contrast to the thriving NEV sector, sales of internal combustion engine (ICE) vehicles have been consistently declining. In March, top-selling models in this segment, such as the Toyota Camry and Volkswagen Lavida, experienced significant sales drops of 59.2% and 36.4%, respectively.
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