China: EVs & Hybrids make up 50% of all new car sales in July 2024

BEVs and plug-in hybrids together account for just 18% of the total vehicle sales in the USA.

According to media reports, China achieved a new milestone after 50% of its new car sales in July 2024 came from either pure-electric vehicles or plug-in hybrids.

The so-called New Energy Vehicles (NEVs) accounted for 50.7% of car sales, as per data from the China Passenger Car Association. The NEVs registered a massive 37% jump last month, compared to July 2023.

The report states that heavy investments in EV supply chains have led to the rapid growth of the domestic EV industry in China. Just 3 years back, NEVs accounted for just 7% of the total vehicle sales in the Chinese market. Sales of pure electric vehicles jumped by 14.3% in July, compared to a 9.9% growth for June.

In contrast, BEVs and plug-in hybrids together account for just 18% of the total vehicle sales in the United States of America.

Source: Reuters