China accounts for 59% of global NEV sales

In the first half of 2022, new energy vehicles (NEV) sales in China accounted for 59% of the world's total NEV sales, thanks to the country's strong supply chain and market demand, Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), said. In the first six months of 2022, NEV sales in the world reached 4.21 million units, up 71% year-on-year. Among them, 880,000 vehicles were sold in June, an increase of 46% year-on-year. From January to June, 2.34 million NEVs were sold in China, surpassing the 1.09 million units in the European market and 500,000 in North America. Due to the downturn in the NEV market in Europe affected by the Covid-19 pandemic and the Russia-Ukraine conflict, China's NEV sales gained weight, accounting for 59% of the world's NEV sales, Cui said.

“That China drives the world's NEV sales in the first half of this year was mainly boosted by the strong growth of domestic NEV consumption and stable supply chain,” Cui noted. China's NEV market growth is partly due to surging consumption, tax exemptions and other government policy measures. The penetration rate of NEVs globally has continued to rise, which now stands at approximately 10%. In China, NEV penetration has reached 22%, while the rate for the U.S. is only 7%. As Europe, the U.S. and other parts of the world increase their penetration of NEVs, the world's NEV market will enter a new phase of strong development, Cui said, as reported by the Global Times.