China’s NEVs secure 62 percent share of global market in early 2024


(MENAFN) According to Cui Dongshu, secretary general of the China Passenger Car Association, China has asserted its dominance in the global new energy vehicle (NEV) market, capturing an impressive 62 percent share during the initial two months of this year. Furthermore, China's influence extends to the plug-in hybrid segment, where it has secured a remarkable 70 percent market share in the same period, further underlining its prominence in the global automotive landscape.

Highlighting the significance of China's role in driving the green transition within the automotive industry, Cui pointed to data indicating global automobile sales reaching 12.65 million units in the first two months, with NEVs accounting for 1.9 million of those units. This underscores China's pivotal contribution to the ongoing shift towards environmentally friendly vehicles on a global scale.

Cui attributed China's robust performance in the Southeast Asian market to its well-established domestic supply chain, which has facilitated increased domestic sales and exports. This strong domestic foundation has evidently bolstered China's position as a key player not only in its home market but also in neighboring regions.

The growth trajectory witnessed in 2022, where China's NEV market share surpassed 60 percent of the global total, has continued into 2023. China achieved a significant milestone by exceeding 9 million units in both NEV production and sales, solidifying its market leadership for the ninth consecutive year. This sustained growth reaffirms China's position as a driving force behind the global transition towards sustainable mobility solutions.

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