Electric, thermal, hybrid, thermal. According to figures released Thursday by the China Federation of Personal Automobile Manufacturers (CPCA), hybrid and electric cars accounted for one in two new car sales in China in July. 51.1% to be exact. This is the first time that the 50% monthly threshold has been crossed. A year ago, at this time, the rate was 36.1%.
In total, 945,000 hybrid models were sold there last month, up 27.6% year-on-year, according to the CPCA. In addition, 505,000 fully electric cars found buyers (+0.9% year-on-year) in the world’s largest car market.
BYD Electric Sales Number
And in July, it was the Chinese manufacturer BYD that remained the undisputed champion of electric vehicles in its country (around 246,000 cars sold), far ahead of the American Tesla (more than 74,000), which has a gigantic factory in Shanghai.
BYD, which sells its cars in around 50 countries, including Europe, is one of many Chinese manufacturers now taking turbochargers abroad. The group had overtaken Tesla as the world’s top seller of such vehicles in the fourth quarter of 2023.
A price war
In China, dozens of innovative local electric brands have emerged in recent years, competing with foreign manufacturers struggling to adapt. The Chinese electric market has seen rapid development in recent years, driven in particular by purchase subsidies. However, the economic slowdown, which is weighing on consumer spending, has led to a price war between manufacturers in recent months, to the detriment of their profitability.
Source: BFM TV
