China's July 2024 New Energy Passenger Car Wholesale Sales Data and Related Policies

TapTechNews August 2nd, the China Passenger Car Association released the wholesale sales flash of new energy passenger cars in July 2024. According to the preliminary monthly data, the comprehensive estimated wholesale sales of new energy passenger cars across the country in July was 950,000 units, a year-on-year increase of 29% and a month-on-month decrease of 3%.

From the data released by the China Passenger Car Association, BYD, Tesla China, Geely Automobile, Li Auto, Changan Automobile, Seres, Chery Automobile, GAC Aion, SAIC-GM-Wuling, and Great Wall Motors are the top ten in the wholesale sales of new energy passenger cars in July 2024 (including estimates, not the final ranking).

The China Passenger Car Association mentioned that as of noon on July 25, the used car replacement information platform has received 364,000 applications for vehicle scrapping and renewal subsidies, and the daily increase has exceeded 10,000.

TapTechNews noted that with the National Development and Reform Commission and the Ministry of Finance issuing the Several Measures to Strengthen Support for Large-scale Equipment Renewal and Consumer Goods Replacement with New Ones, the subsidy standard for vehicle scrapping and renewal has been raised. The new subsidy standard has been raised to $29,524 for purchasing new energy passenger cars and $22,143 for purchasing fuel passenger cars with a displacement of 2.0 liters and below.