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More than half of new cars sold in China are now electric or hybrid [1]
['Evelyn Cheng']
Date: 2024-08-09
BYD's new luxury brand Yangwang is selling its first model, the U8, for more than 1 million yuan (US$160,000).
BEIJING — For the first time in China, new energy vehicles have outsold traditional fuel-powered passenger cars on a monthly basis, according to China Passenger Car Association data for July.
New energy vehicles include battery-only and hybrid-powered cars. The category accounted for 51% of new passenger cars sold in China last month, according to a release late Thursday.
That's up from a penetration rate of 36% exactly a year ago, and a dip below one-third in January, according to CNBC calculations of passenger car association data.
The reliability of the association's data has been questioned in the past. The latest report showed that battery-only cars outsold hybrid ones in July — for a battery-only penetration rate of 28%.
However, monthly sales and delivery figures from BYD , Li Auto and other car companies indicated consumers in China increasingly preferred hybrid-powered vehicles.
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[1] Url:
https://www.cnbc.com/2024/08/09/more-than-half-of-new-cars-sold-in-china-are-now-electric-or-hybrid.html
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