Korean Media: China's New Energy Vehicle Sales Share Reaches All-Time High!

On June 12, South Korean media outlet Today's Finance published an article stating that China is accelerating its transition toward new energy vehicles. This month, the sales share of new energy vehicles in China reached a record high, while production and sales of internal combustion engine (ICE) vehicles have rapidly declined.

Data shows that in the first week of June, China's new energy vehicle retail penetration rate reached 66.7%, setting a new weekly record. This means that two-thirds of passenger vehicles sold during this period were new energy vehicles.

During the same period, new energy vehicle retail volume was 152,000 units, down 14.0% year-on-year. Year-to-date cumulative sales reached 3.85 million units, a decline of 15% compared to the same period last year.

Meanwhile, passenger vehicle retail sales fell by 23.0% in the first week of June, with year-to-date cumulative sales down 20.0%. The decline in new energy vehicle sales was less severe than the overall market drop, resulting in a significant increase in their market share.

Looking at last month’s sales performance, the share of new energy vehicles rose noticeably. In May, the penetration rate of new energy vehicles reached 62.9%, while the share of fuel-powered vehicles dropped to 37.1%. Passenger vehicle retail sales for ICE cars in May totaled 560,000 units, down 39% year-on-year.

Notably, based on last month’s passenger vehicle sales rankings, the top ten models were all new energy vehicles. This marks the first time in history that no internal combustion engine vehicle appeared in the monthly top ten passenger car sales list. In January this year, seven out of the top ten were ICE vehicles; by March, this number had dropped to five, then to just one in April, and completely disappeared in May.

Some analysts believe the recent rise in new energy vehicle sales share is due to "the rapid decline in ICE vehicle sales driven by high oil prices."

Original Article: toutiao.com/article/1867751860466699/

Disclaimer: The views expressed in this article are those of the author(s) alone.