China
2024.07.10 19:17 GMT+8

China achieves 32% sales growth in NEV for first half of 2024

Updated 2024.07.10 19:17 GMT+8
CGTN

New batch of new energy vehicles being carried out from a factory in Jinan, east China's Shandong Province, April 28, 2024. /CFP

China reported a significant increase in the sales of new energy vehicles (NEVs) of 4.94 million units for the first half of 2024, experiencing a notable year-over-year growth of 32 percent, as reported by Xinhua on Wednesday, sourcing the China Association of Automobile Manufacturers.

NEV production reached about 4.93 million units, a year-over-year increase of 30.1 percent. From January to June, China's total automobile production and sales figures stood at approximately 13.89 million units and 14.04 million units, marking a year-over-year increase of 4.9 percent and 6.1 percent, respectively, the report said.

These numbers have sparked discussions among online users.

"The sales growth rate is astounding! That means consumers' willingness to buy new energy vehicles is increasing!" commented a netizen.

Another user commented, "New energy vehicles are becoming more popular, and I'm planning to get one too!"

In fact, NEVs are not only gaining attention domestically. The global market is showing growing interest in China's technologically advanced electric cars with a competitive price point.

"They can really compete with Tesla," said Mohamed Ali Al Dhaheri, the managing director of Xpeng's distributor in the UAE. He told CGTN in an interview during the 18th Beijing International Automotive Exhibition held by the end of April that Chinese EV brands offer much more in their cars "with reasonable price."

"You have to predict what's the best product to sell, and I think China is on the right track. They are actually a bit ahead of their schedule of global EV," Ali Movaghar, the director of international affairs at Zamzam Motors, told CGTN.

"I don't think it's overproducing. If you look at the overall penetration that is there in the market, it might be 50 percent in China. The rest of the world is not so much. So, I think there's still a lot of room to grow," said Shailesh Saraph, the executive vice president and global head of engineering R&D at Tata Technologies.

"I do believe that the strong development of EVs in China is a force for good, right?" said Fabian Brandt, a partner and global head of automotive and industrial goods at Oliver Wayman, in an interview with CGTN in April.

"I think we should look at the midterm and long-term scenario. And I do believe that the electric vehicle space overall, you know, once we have been able to solve these environmental problems along the value chain, will in the long run be the superior technology when it comes to achieving our sustainability goals."

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