Record China EV Penetration

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Electric vehicle (EV) penetration in China as a percentage of total domestic automobile sales continues in its relentless rise, reaching a record monthly high in July, latest figures from the China Association of Automobile Manufacturers show. Chinese buyers bought nearly 2 million automobiles across all vehicle categories in July, of which 680,000 were electric models. This translated into an EV sales penetration rate of 34%, just above the one-third mark. The July EV penetration rate also surpassed the previous monthly high of 33.8% posted in November 2022. When averaged over January-July, China’s EV sales penetration rate is a more moderate 30%, which is still 7 percentage points higher than for the same year-ago period.

Electric Vehicles
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