In June, more than one million electric vehicles and plug-in hybrids were sold in China. The China Association of Automobile Manufacturers (CAAM) reported that 1,049,000 new energy vehicles (NEVs) found buyers in just one month, with BYD remaining the largest manufacturer in this market. This data reflects the increasing demand for NEVs and the dynamic expansion of the market in China.
It seems that the current global situation regarding the sales of electric vehicles is starting to resolve in China, as there were declines in sales earlier in the year. Today, we are back to discussing sales figures of over one million in the NEV (New Energy Vehicle) category in China, which includes externally rechargeable battery packs in vehicles (BEV – Battery Electric Vehicle and PHEV – Plug-In Hybrid).
As mentioned earlier, June 2024 was not the only month with over a million units sold in this category in China, as November 2023 (1,026,000 units) and December 2023 (1,190,000 units) also achieved these numbers. However, the graph below clearly shows the fluctuations in sales in China. Sales picked up, then slowed down, and now we are back to over a million units sold monthly. The graph was created by the Electrive magazine based on data from the China Association of Automobile Manufacturers (CAAM).
In the past month, precisely 1,049,000 NEV models hit the roads in China, representing a 9.8% increase compared to May. Compared to June last year, the growth rate is 30%. CAAM data represents wholesale sales of automakers, including domestic sales in China and exports to overseas markets such as Europe. However, most vehicles remained in China: in June, 963,000 NEV cars were sold domestically (32.2% year-on-year increase, 12.5% increase from May). As a result, 86,000 NEVs were exported (10.3% year-on-year increase, 13.2% increase from May).
Out of the one million units, 612,000 were pure electric vehicles, accounting for 58.3% of the total monthly sales. BEV sales increased by 7.4% compared to June 2023 and 5% compared to May. The 436,000 plug-in hybrids also set a new record – 85.1% more than a year ago and 17.5% more than in May.
BYD leads with 341,658 units, with the majority being PHEV models, whose sales are starting to surge within BYD. Tesla comes in second, producing 71,007 vehicles in China and exporting 11,746. They are followed by SAIC (93,422) in third place and Geely (65,959) in fourth.
In conclusion, the sales of electric vehicles and plug-in hybrids in China continue to show strong growth, with June marking another month of over one million units sold. This trend reflects the increasing popularity and acceptance of NEVs in the Chinese market, with key players like BYD and Tesla leading the way in production and sales.