China Electric Cars Nearing 30% of Sales

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Electric vehicles (EVs) in China continue to defy worsening Covid-19 resurgences and a gloomier economic outlook, roaring their way to another all-time monthly high in October in both absolute sales and market penetration. In terms of market share, EVs grabbed 28.5% of national new auto sales last month — advancing by 12 percentage points from last October, according to latest data from the China Association of Automobile Manufacturers (Caam). If the momentum continues as quickly as it has been, EV penetration would be fast approaching the 30% mark — and the milestone one-third, 33% mark, soon after — posing accelerated risks for oil consumption. In fact, if only passenger vehicles (no larger than nine seaters) were counted, the October EV sales ratio has already exceeded 30%, said the China Passenger Car Association (CPCA).

Electric Vehicles
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