China's new energy vehicle (NEV) industry is charging ahead, demonstrating impressive growth in both production and sales during the first eight months of this year. According to data from the China Association of Automobile Manufacturers (CAAM), NEV production reached approximately 7.01 million units, marking a 29% increase compared to the same period last year.
Sales figures underscored this upward trend, with NEVs selling 7.04 million units—an impressive 30.9% year-on-year growth. This surge has propelled NEVs to capture a 37.5% share of China's domestic vehicle market.
August was particularly noteworthy, with NEV production hitting 1.09 million units and sales reaching 1.1 million units. Both figures represent significant year-over-year increases of nearly 30%, with NEVs accounting for 44.8% of all new vehicle sales in China for the month.
Beyond domestic performance, the NEV sector also saw robust export growth. From January to August, approximately 818,000 NEVs were exported, reflecting a 12.6% increase compared to the previous year. This expansion highlights China's ongoing commitment to leading the global transition towards sustainable transportation.
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China's NEV output, sales register stellar growth in first 8 months
cgtn.com
