According to the latest data released by the China Passenger Car Association, the production of electric passenger vehicles in China reached 933,000 units in July, a year-on-year increase of 21.7%, and was flat month-on-month. From January to July 2024, the cumulative production of electric vehicles was 5.513 million units, a year-on-year increase of 27.6%.
In July, the wholesale sales volume of passenger electric vehicles reached 945,000 units, a year-on-year increase of 27.6%, and a month-on-month decrease of 3.6%. From January to July 2024, the cumulative wholesale sales volume of electric vehicles was 5.562 million units, a year-on-year increase of 29.8%.
The electric vehicle market retailed 878,000 units in July, a year-on-year increase of 36.9%, and a month-on-month increase of 2.8%. From January to July 2024, the cumulative retail sales volume of electric vehicles was 4.988 million units, a year-on-year increase of 33.7%.
In July, the export volume of electric vehicles was 92,000 units, a year-on-year increase of 1.3%, and a month-on-month increase of 18.2%. From January to July 2024, the cumulative export volume of electric vehicles was 677,000 units, a year-on-year increase of 17.8%.
In terms of the sub-segments of electric vehicles, in July, the wholesale sales volume of pure electric vehicles (BEV) was 505,000 units, a year-on-year increase of 0.9%, and a month-on-month decrease of 9.0%; the plug-in hybrid (PHEV) sales volume in July was 318,000 units, a year-on-year increase of 73%, and a month-on-month increase of 3%; the range-extended (REV) wholesale volume in July was 122,000 units, a year-on-year increase of 115%, and a month-on-month increase of 5%. In the structure of electric wholesale in July: BEV 53%, PHEV 34%, REV 13%. In comparison, in the full year of 2023, the structure of electric wholesale sales volume was BEV 69%, PHEV 23%, REV 8%. The market share of plug-in hybrid and range-extended electric vehicles has significantly increased. This is because plug-in hybrid and range-extended electric vehicles can effectively compensate for the range anxiety of pure electric vehicles.
In terms of the vehicle grading, the wholesale sales volume of Class B electric vehicles in July was 205,000 units, a year-on-year increase of 43%, and a month-on-month decrease of 4%, accounting for 41% of the pure electric share. However, the market share of A00, A0, and A-class models has further declined, with market shares of 17%, 22%, and 17% respectively. The differentiation in the sales volume of electric vehicles at various levels shows a clear trend of consumption upgrade towards high-end products.
In terms of models, the top 10 passenger car models in wholesale sales volume in July were all electric vehicles.
The penetration rate of the domestic retail market for electric vehicles in July has reached 51.1%, an increase of 15 percentage points from the penetration rate of 36.1% in the same period last year. China's ability to achieve a penetration rate of Electric Vehicles exceeding 50% during the off-season of the car market in July marks a new step in the popularization of electric vehicles. The low-cost automotive parts industry chain has strongly promoted the popularization of electric vehicles. The comprehensive entry of internet companies, intelligent consumer manufacturing companies, and international electric vehicle companies has activated industry competition and innovation capabilities. In addition, the innovation of Chinese car companies in the field of plug-in hybrid technology has achieved breakthroughs in plug-in hybrid and range-extended technology, providing a breakthrough technical advantage for the popularization of plug-in hybrid models, with China currently accounting for 78% of the world's plug-in hybrid market share.
In the domestic retail of electric vehicles in July, the penetration rate of electric vehicles in domestic brands was 73.9%; the penetration rate of electric vehicles in luxury cars (usually the high-end European and American brands）was 27%; and the penetration rate of electric vehicles in mainstream joint venture brands was only 8.3%.
If we look at the global market, in June 2024, the sales volume of passenger electric vehicles from the main countries of the world was 1.48 million units, a year-on-year increase of 17%, and a month-on-month increase of 12%. In the first half of this year, the cumulative sales volume of passenger electric vehicles in the main countries of the world reached 7.17 million units, a year-on-year increase of 21%, of which the electric passenger car sales volume in Europe from January to June was 1.39 million units, with a growth rate of 2%; the electric passenger car sales volume in North America was 810,000 units, with a growth rate of 10%. China's share of the world's electric passenger car market has increased from 63% in 2022 to 65% in the first half of 2024.
