A First in This Country: More Than Half Car Sales Are Electric!

For the first time in China’s history, the number of electric vehicles accounted for more than half the global vehicle sales, a feat that wasn’t expected until 2028.

Of the 516,000 cars sold in China between April 1^st and 14^th, 260,000 were new energy vehicles (NEVs), for a share of sales of 50.39%.

Retail sales of NEVs — a Chinese umbrella term encompassing several types of vehicles but largely meaning pure electric vehicles and plug-in hybrid electric vehicles – increased by 32% year-on-year and by 2% month-on-month during that short two-week period. Still, it bodes well for the rest of 2024. The China Passenger Car Association predicted a 40% penetration rate for 2024, and the Economist Intelligence Unit expected NEVs to make up more than half the global vehicle sales by 2028.