China’s production and sales of new energy vehicles (NEVs) maintained a strong upward trajectory in the first six months (H1) of 2024, with the NEV market share steadily increasing in the domestic market, industry data showed on Wednesday.
The production of NEVs reached about 4.93 million units during the period, rising 30.1% year-on-year, according to data from the China Association of Automobile Manufacturers (CAAM).
The sales of NEVs stood at 4.94 million units, growing by 32% from a year earlier, the data reveals. The market share of NEVs in China reached 35.2% by the end of June.
Chinese-made NEVs registered fast growth in both production and sales during the period. By the end of June this year, the production and sales of NEVs made in China exceeded 30 million units, according to the CAAM.
In June alone, the production and sales of NEVs hit 1 million units and 1.05 million units, respectively, representing an increase of 28.1% and 30.1% year-on-year.
In the January-June period, some 605,000 units of NEVs were exported, representing a year-on-year increase of 13.2%, the data shows.
The rapid growth in China’s NEV market can be attributed to a combination of factors, including government policies supporting the development of the industry, increased consumer demand for eco-friendly vehicles, and technological advancements in battery and electric motor technologies.
