New energy vehicle market fluctuates, China's penetration rate drops to 40%

According to news on May 8, China’s new energy vehicle market has shown some fluctuations recently. Previous data showed that in the two weeks as of early April, China's passenger car market retail sales reached 516,000 units, of which the new energy vehicle market accounted for 260,000 units, with a penetration rate of more than 50%. However, the latest statistics show that the penetration rate of new energy vehicles in China has recently declined, falling to about 40%.

According to the latest data, in the 18th week of 2024, from April 29 to May 5, terminal sales in the Chinese automobile market were 366,000 vehicles, a month-on-month decrease 14.29%, a year-on-year decrease of 9.63%. During this period, terminal sales of new energy vehicles were 148,000 units, a month-on-month decrease of 23.32%, but a year-on-year increase of 39.62%. Based on these data, the penetration rate of new energy vehicles in China in the 18th week of 2024 is calculated to be 40.44%.

Although the market penetration rate of new energy vehicles has declined recently, judging from the overall trend, new energy vehicles still represent the future development direction of the automotive industry. According to the latest data released by Cui Dongshu, secretary-general of the Passenger Car Association, among new energy passenger vehicle sales in March 2024, manufacturers with sales of more than 10,000 units accounted for a large share of the market. The estimated sales volume of these manufacturers in April is 680,000 units, which predicts that the national sales of new energy passenger vehicles in April will reach about 800,000 units.

This sales volume estimate shows the continued market demand for new energy vehicles. Although penetration rates have fluctuated, the development strategy of the new energy vehicle industry remains strong. With the advancement of technology and consumers' increasing awareness of environmental protection and energy conservation, the new energy vehicle market is expected to continue to maintain growth momentum.

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