China’s Auto Market: A Historic Shift to New Energy Vehicles
Preliminary data reveals a historic shift in China’s auto market as sales of new energy vehicles (NEVs) surpass internal combustion engine (ICE) cars for the first time. While China previously achieved this feat during two weeks in April, it has now sustained this momentum for an entire month.
According to the China Association of Automobile Manufacturers, NEV sales in July reached an impressive 897,000 units, representing a 37% increase year-over-year and a 3% rise from June. In contrast, total passenger car sales in the country stood at 1.729 million units in July, a 2% decline year-over-year.
This translates to NEVs capturing a significant 50.84% market share in July. Back in March, BYD CEO Wang Chuanfu predicted that NEVs would attain a 50% market share within three months, and his forecast has proven accurate, albeit slightly delayed. However, experts caution that there is still work to be done for NEV sales to maintain or surpass this level for a full year.
The Economist Intelligence Unit had projected that this target would not be met until 2028, and the China Association of Automobile Manufacturers had forecasted a 40% market share for electric vehicles by 2024.
Currently, NEVs account for 43.1% of total car sales in China. Overall auto sales in the country during the first seven months of the year reached 11.568 million units, a 2% increase year-over-year. NEV sales contributed significantly to this growth, reaching 4.991 million units, a remarkable 34% increase.
These figures highlight not only the robust growth in NEV sales but also a significant decline in ICE car sales. NEVs encompass battery electric vehicles (BEVs), hybrids, and plug-in hybrids. Additionally, China utilizes the term EREV, referring to vehicles with a gasoline engine that functions as a generator.
With July’s NEV sales of 897,000 units, this category alone surpasses the total car sales in Vietnam for the years 2022 and 2023 combined. Vietnam’s auto market set a record in 2022 with 508,547 units sold, while sales in 2023 reached 368,479 units, totaling over 877,000 units for the two-year period.
Source: CNC
Largest taxi company in Nghệ An cancels car purchase contract with Toyota to switch to VinFast
Mr. Ho Chuong, CEO of Son Nam International Transport Co., has recently disclosed that he had previously signed contracts to purchase gasoline-powered vehicles from a Japanese car manufacturer. However, he has since diversified his investment portfolio by also venturing into VinFast electric vehicles, in order to embrace long-term and sustainable development.
The European automotive industry struggles to defend against a formidable rival from over 7000km away.
The automotive industry just welcomed new car models from a formidable competitor.
Drivers only need to pay a deposit of over 2 million VND to buy Selex Motors electric motorcycles
Selex Motors has partnered with the United Nations Development Programme (UNDP) in two projects to provide smart financial support packages for drivers of delivery companies when purchasing the Selex Camel electric motorcycles in Hue and Ho Chi Minh City.
Ford’s revenue in early 2024 shines with hybrid cars
Ford Motor, the car manufacturer, has kickstarted the year with robust sales fueled by its hybrid vehicle lineup.
