China’s new energy vehicles (NEVs) captured a 62 per cent share of the global NEV market in the first two months of this year, according to Cui Dongshu, secretary general of the China Passenger Car Association.
Additionally, China has achieved a remarkable 70 per cent market share in the global plug-in hybrid market during the January-February period.
Citing data indicating that global automobile sales reached 12.65 million units in the first two months, including 1.9 million NEVs, Cui emphasized China’s pivotal role in the automotive industry’s green transition.
Cui attributed China’s robust performance in the Southeast Asian market to a strong domestic supply chain, resulting in increased domestic sales and exports.
Continuing the growth trend observed in 2022, when China’s NEV market share exceeded 60 percent of the world total, the country further solidified its market leadership in 2023 by surpassing 9 million units both in production and sales, marking nine consecutive years at the forefront of the global NEV market.
