The sales of China's new-energy vehicles (NEVs) saw significant growth in August, accounting for nearly half of total sales of new cars. NEV sales continued an upward trend throughout the first eight months of 2024, signaling a consistent rise in consumers' interest in eco-friendly cars.
In August, NEV sales rose 30 percent year-on-year to 1.1 million units, while production reached 1.092 million units, up 29.6 percent. Sales of NEVs accounted for 44.8 percent of the total sales of new vehicles, according to data released by the China Association of Automobile Manufacturers (CAAM) on Tuesday.
From January to August, NEV production totaled 7.008 million units, up 29 percent year-on-year, while sales rose 30.9 percent to 7.037 million units. NEVs represented 37.5 percent of total new car sales, according to the CAAM.
The domestic retail penetration rate of NEVs reached 54 percent, a new high, according to data released by the China Passenger Car Association (CPCA) on Monday.
"The rapid development of NEV technology and shifts in consumer preferences are key factors behind the rising sales of NEVs. Compared with traditional gasoline cars, NEVs are increasingly seen as more attractive and cost-effective," Wu Shuocheng, a veteran automobile industry analyst, told the Global Times on Tuesday.
Wu noted that the key driver of NEV sales growth is innovation, which continuously enabled Chinese companies to meet consumers' needs with new products that are of higher quality.
Although August is usually a low season for car sales in China, the NEV sector seems to have been unaffected by seasonal fluctuations and continues to drive overall car market growth, Wu said.
"I'm confident that NEVs will keep gaining popularity, leading to further changes in the structure of China's passenger car market," Wu noted.
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