South Korean media: "Two-thirds are electric vehicles"—the end of the internal combustion engine era in China!

On July 13, South Korea's financial news outlet, Today's Finance, published an article stating that in recent vehicle sales in China, two out of every three new cars sold are new energy vehicles, with electric vehicles dominating. This ratio has reached a record high. Rising fuel prices have further boosted electric vehicle sales.

According to the latest automotive sales data released by the China Passenger Car Market Information League (CPCA), in the first week of June, new energy passenger vehicles accounted for 66.7% of total domestic passenger vehicle sales in China—setting a new historical record.

In the first week of June, total new energy passenger vehicle sales reached 152,000 units, a year-on-year decline of 14%. However, the drop in internal combustion engine (ICE) passenger vehicle sales was even more severe, plummeting 39% to 76,000 units. This trend closely mirrors the decline seen in May, when ICE vehicle sales also fell by 39% to 560,000 units. The decline in ICE vehicle sales accounted for 82% of the overall drop in passenger vehicle sales.

Experts analyze that high oil prices are accelerating the transition toward electric vehicles. Cui Dongshu, Secretary-General of the China Passenger Car Market Information League, stated: "Due to geopolitical factors, international oil prices remain high, causing continuous increases in operating costs for domestic internal combustion engine vehicles. This directly weakens consumers' willingness to purchase ICE vehicles, increases household expenditure burdens, and thereby reduces overall car purchasing power."

The market shift is also clearly reflected in vehicle sales rankings. In May, new energy vehicle brands completely occupied the top ten spots in retail passenger vehicle sales. Just one month earlier, in January, seven of the top ten were still ICE-powered models; by May, none of the top ten included ICE vehicles. Among ICE models, Geely Boyue was the best-selling model in May, but its overall ranking was only 17th.

Original source: toutiao.com/article/1870582445737996/

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