Market hits electric milestone

Sales of battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) took out more than half of the new vehicle market in China last month for the first time.

The number of so-called new energy vehicles (NEVs) sold in July jumped 37 per cent from the same month in 2023 and accounted for a record 50.7 per cent of car sales, according to data from the China Passenger Car Association (CPCA).

Registrations of NEVs only took out seven per cent of the Chinese market three years ago, reports Reuters.

The pace of sales growth for such vehicles last month was up from a 28.6 per cent year-on-year surge in June. Sales of BEVS alone climbed 14.3 per cent in July compared with a 9.9 increase in the month prior.

Despite low and zero-emissions models gaining a larger market share, the number of overall domestic car sales dropped by 3.1 per cent in July, the fourth consecutive month of declines.

Vehicle exports in July were also up 20 per cent from the same period last year, easing from a 28 per cent increase in June, says the CPCA.