China’s NEV market penetration surpasses 50% for first time

China has reached another milestone in its growing dominance concerning new energy vehicle (NEV) adoption. On 8 August 2024, the China Passenger Car Association (CPCA) released July sales data for the Chinese automobile market. For the first time ever, NEVs accounted for more than half of all retail car sales: 51.1% total market share, or 870,000 units. It has also registered the second-highest monthly sales for NEVs on record, beaten only by the 947,000 units sold in December 2023. However, this was followed by two successive drops: to 670,000 units in January and then 390,000 units in February.