In China, New Energy Vehicles' Penetration Rate Exceeds 50% in July 2024 for the First Time

TapTechNews August 7th news, a historic moment has arrived for the development of new energy vehicles in China. In July 2024, the penetration rate exceeded 50% for the first time, which means it surpassed traditional fuel vehicles.

According to the preliminary statistical data released by the Passenger Car Association today, from July 1st to 31st, the retail sales of passenger cars in the market were 1.729 million, a 2% decrease from the same period last year and a 2% decrease from the previous month. The cumulative retail sales so far this year were 11.568 million, a 2% increase. From July 1st to 31st, the wholesale of passenger car manufacturers across the country was 1.956 million, a 5% decrease from the same period last year and a 10% decrease from the previous month. The cumulative wholesale so far this year was 13.708 million, a 4% increase.

From July 1st to 31st, the new energy retail sales of passenger cars in the market were 0.879 million, a 37% increase from the same period last year and a 3% increase from the previous month. The cumulative retail sales so far this year were 4.991 million, a 34% increase. From July 1st to 31st, the new energy wholesale of passenger car manufacturers across the country was 0.955 million, a 30% increase from the same period last year and a 3% decrease from the previous month. The cumulative wholesale so far this year was 5.575 million, a 30% increase.

Based on this data calculation, In July 2024, the retail sales ratio of new energy vehicles reached 50.84%.

TapTechNews noted that in the first half of April 2024, the domestic new energy vehicle retail penetration rate exceeded 50% for the first time. In the third week of May 2024 (13th - 19th), the insured volume of domestic new energy passenger cars reached 168,000, and the insured penetration rate of new energy terminals also exceeded 50% for the first time, reaching 50.2%, exceeding that of fuel vehicles.

Now, in July 2024, the penetration rate of new energy vehicles in China exceeded 50% for the first time in a complete month.

He Zhiqi, the executive vice president of BYD Company Limited, also confirmed that the terminal insured penetration rate of new energy vehicles in China in July was 50.8%, marking that new energy vehicles have truly become the mainstream, and fuel vehicles have become the minority.