In July, hybrid and electric vehicles accounted for over half of all car sales in China, marking a significant milestone in this highly competitive market, according to figures released Thursday by a professional federation.
Last month, 945,000 hybrid models were sold, representing a 27.6% increase compared to the same period last year, according to data from the China Passenger Car Association (CPCA).
Additionally, 505,000 fully electric cars were sold, a 0.9% year-over-year increase, making China the largest automobile market in the world, as reported by the CPCA.
These models made up 51.1% of total car sales in China for July, the federation highlighted.
This is the first time the 50% threshold has been exceeded on a monthly basis. A year ago, this rate was 36.1% during the same period.
In China, dozens of innovative local electric vehicle brands have emerged in recent years, competing with foreign manufacturers who struggle to adapt.
In July, Chinese automaker BYD was once again the undisputed leader in electric vehicles in its country, selling nearly 246,000 cars, far surpassing American company Tesla, which sold more than 74,000 cars from its massive factory in Shanghai.
BYD, which sells its cars in over fifty countries, including in Europe, is among the many Chinese manufacturers now accelerating their expansion abroad.
The company dethroned Tesla as the world’s largest seller of such vehicles in the fourth quarter of 2023.
The Chinese electric vehicle market has experienced rapid growth in recent years, driven primarily by purchase subsidies.
However, the economic slowdown, which is impacting consumer spending, has led to a price war among manufacturers in recent months, affecting their profitability.
