China becomes the world’s first nation to sell over a million EVs in a month

[Beijingwalker]

China becomes the world’s first nation to sell over a million EVs in a month​

The quickly developing economy is showing up Europe and North America with over 30 per cent growth in the sustainability stakes

Published: 12 Sep 2024

The BYD Dolphin

China is smashing it out of the metaphorical park when it comes to electric vehicle adoption. According to figures published by London-based research house Rho Motion, China sold over one million EVs in August alone.

Globally, the number of plug-in hybrid and battery-electric cars being sold is up 20 per cent year-to-date, with 9.8 million sales in total. China accounts for six of those millions, with growth up by 33 per cent on the same timeframe in 2023.

Comparatively, the US and Canada recorded nine per cent growth, while Europe and the UK's numbers (as an economic region) dipped four per cent in the same period. It’s the first time the area has recorded negative sales. Oh dear.

Despite Portugal, Belgium, the UK and France all having higher EV sales than last year, Germany's really struggled to shift away from pure fuel. So much so, the 23 per cent fall in that market has skewed the figures for the whole area, and it's prompted the German government to introduce tax breaks for companies.

Despite facing potentially higher import tariffs, brands such as BYD, Jaecoo and Hongqi don't seem phased by the continent's lack of battery-electric enthusiasm, bringing models and big ambitions to Europe as we speak.

Earlier in the month, Volvo publicised plans to prioritise hybrids over fully electric cars in Europe in the coming years. It's not all electric avenue, mind. Chinese brand Omoda has brought petrol powertrains, acknowledging that they'll still be relevant during this historic automotive transition.

 

[Beijingwalker]

China Becomes First Country To Hit 1 Million Monthly EV Sales​

China's EV growth is up 33 percent compared to last year

September 13 2024

• China hits a milestone with over one million EVs sold in August, showing 33% growth from last year.
• For the first time, European EV growth turns negative, due to subsidy cuts and trade restrictions.
• Overall car sales in China fell, with owners of ICE cars given subsidies to switch to EVs or hybrids.

While the slowdown in EV sales growth has caused concern in the West, China continues to post positive results. According to a recent report, China has become the first country in the world to record over a million EV sales in a month, set in August. China’s EV growth is so far up 33 percent compared to last year.

Meanwhile, in Europe, growth has turned negative for the first time, with the EU and the UK EV landscape recording -4 percent. The contraction in growth is attributed to several factors, including nations such as Germany ending their subsidies, while the EU’s trade restrictions imposed on Chinese EVs will likely have impacted things, too.

Figures reported by research house Rho Motion show that global demand for EVs continues to grow, with 9.8 million battery-powered cars being sold so far in 2024 and growth up 20 percent Year To Date (YTD) as of August. The US and Canada’s nine percent growth in EV sales is considered “steady,” according to the report, but its future trajectory may depend on the outcome of November’s presidential election.

While China’s unabated demand for EVs continues, it doesn’t paint the full picture of the Chinese passenger vehicle market. In August, data from the China Passenger Car Association (CPCA) showed that overall sales of all engine types had fallen by 1.1 percent, standing at 1.92 million.

According to a report from Reuters, sales of New Energy Vehicles (NEVS), which include all-electric and plug-in hybrid models, were helped by subsidies for drivers trading in more polluting vehicles. Those who opt to trade in their ICE vehicles for an NEV are eligible for as much as 20,000 yuan ($2,800). For those not yet ready to jump to EV or Plug-In Hybrid power, a separate subsidy of 15,000 yuan ($2,100) is offered to trade in fossil-fuel-powered vehicles for something of a smaller engine capacity.

Sales of NEVS increased by 43.2% to account for a record 53.5% of total passenger car volume. However, with many of these being trade-ins, the figures reflect waning consumer confidence, with fewer first-time car buyers reported.

But Rho Motion Data Manager Charles Lester expects China’s demand for EVs to continue its upward trajectory. “China surpassing one million EV sales in a month is just the beginning,” said Lester. “We anticipate this milestone to be reached multiple times before the end of the year as sales typically surge in the latter half of the year.”

China Becomes First Country To Hit 1 Million Monthly EV Sales | Carscoops

Boosted by trade-in subsidies, China's EV growth is up 33 percent compared to last year

www.carscoops.com

 

[Beijingwalker]

China makes cars as cheap as cabbage, this will kill off all German and Japanese car makers.

 

[Beijingwalker]

 

[Beijingwalker]

China's EV exports have increases 169 folds in just 5 years