BYD’s new luxury brand Yangwang is selling its first model, the U8, for more than 1 million yuan ($160,000).
CNBC | Evelyn Cheng
Beijing – According to statistics, the monthly sales of new energy vehicles exceeded that of traditional fuel-powered passenger cars for the first time Data from China Passenger Car Association July.
New energy vehicles include pure electric vehicles and hybrid vehicles. The category accounted for 51% of new passenger cars sold in China last month, according to a release late Thursday.
This is from the penetration rate 36% a year agoand an inclination angle Less than one-third in Januarycalculated based on CNBC Passenger Car Association data.
The reliability of the association’s data has been questioned in the past. The latest report shows that sales of pure battery vehicles exceeded hybrid vehicles in July, with the penetration rate of pure battery vehicles at 28%.
However, monthly sales and delivery data comes from BYD, ideal car and other car companies say Chinese consumers are increasingly favoring hybrid vehicles.
China Association of Automobile Manufacturers’ data for July has not yet been released.
China is the world’s largest automobile market. However, the overall economic growth has slowed down, and fierce competition in the new energy vehicle category has triggered a price war.
According to data from the Passenger Car Association, overall car sales fell 2.8% to 1.72 million units in July. Retail sales of new energy vehicles increased nearly 37% to 878,000 units in July.
For more than a decade, the Chinese government has supported the domestic new energy vehicle industry through subsidies and preferential policies. The latest trade-in policy introduced by the authorities to promote consumption also focuses on providing maximum support for new energy vehicle buyers.
Other municipal preferential policies include unrestricted access to public roadsand gasoline-powered cars may only be allowed on these streets part of the week.
New energy vehicles have yet to take off in the United States
According to the latest public estimate from Wards Intelligence, the penetration rate in the first quarter was 18%, down from 18.8% in the fourth quarter of 2023. American Energy Information Association.
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