China's NEV penetration to hit new high of 49.1% in June: Survey

0 Comment(s)Print E-mail Xinhua, June 21, 2024
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The penetration rate of new energy vehicles (NEVs) in China, a gauge of popularity, is expected to hit a new high of 49.1 percent in June, as the market continues to grow steadily amid intensifying competition, an industry survey showed Thursday.

NEV manufacturers have a relatively optimistic target for June, with retail expected to reach 860,000 units, a 6.9 percent increase compared to May, according to the China Passenger Car Association (CPCA) which covers all domestic passenger car manufacturers.

Carmakers have carried out various promotional and marketing activities to hit the semi-annual target, CPCA said, adding that the strategy of trading price for volume has a very limited stimulating effect on the overall market.

The NEV penetration rate refers to the proportion of NEV sales in the total vehicle sales within a certain period. In 2020, China set the goal for NEVs to become mainstream, aiming for them to account for more than 50 percent of total auto sales by 2035. It now appears likely to achieve this goal nine or ten years ahead of schedule.

The Chinese market has entered a new phase of commercialization, increasingly propelled by technology innovation and evolving consumer preferences. The rapid development of the NEV industry is closely related to constant technological advancements in batteries and motors, contributing to the electrification and popularization of NEVs.

With advanced technologies such as intelligent driving and generative artificial intelligence (AI), NEVs can offer better intelligent service experience.

NEV penetration in China is projected to reach nearly 70 percent by 2030, with Chinese auto companies likely to rank among the top ten global sellers, according to a report released at China EV100 Forum 2024.

CPCA's preliminary estimates suggest that the total retail sales of narrow passenger cars in June is about 1.75 million units, an increase of 2.3 percent month on month.

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