Chinese food market Electric vehicles (electric + Plug-in) reached a major milestone, For the first time, the threshold of one million units sold in one month was exceededAccording to research company Rho Motion, sales of electric vehicles in China were recorded in August. growth of 33% compared to the same period last year, strengthening the country’s position as a world leader in this sector.
This result fits into Global context for electric vehicle market growthMeanwhile, 9.8 million battery-powered vehicles were sold in the first eight months of 2024, up 20% from last year.
However, not all of them are showing the same dynamism. While North America has maintained a steady growth rate of 9%, Europe records first declineMeanwhile, electric vehicle sales in the European Union and the UK fell by 4%. The decline was attributed to several factors, including reduced incentives in countries such as Germany and the EU’s imposition of trade restrictions on Chinese electric vehicles.
Despite a slowdown in some markets, China continues to lead. Charles LesterRho Motion analyst predicts further success in the Chinese market: “Exceeding one million in monthly sales is just the beginning. We expect this milestone to be reached several times by the end of the year, given that sales tend to increase in the second half of the year..”
The success of electric vehicles in China has been helped by supportive policies such as subsidies for the disposal of more polluting vehicles. These incentives have helped spur demand for new energy vehicles (NEVs), which include both all-electric models and plug-in hybrids.
Interestingly, although sales of electric vehicles have grown significantly, Overall auto sales in China fell slightly in August, by 1.1%.Sales volume is 1.92 million units, according to the China Passenger Car Association (CPCA). Industry experts are closely watching the development of the global EV market in the coming months. In the United States in particular, future trends may be affectedResults of the presidential elections in November.
Source: HD Motori
Ashley Fitzgerald is an accomplished journalist in the field of technology. She currently works as a writer at 24 news breaker. With a deep understanding of the latest technology developments, Ashley’s writing provides readers with insightful analysis and unique perspectives on the industry.