By comparison, the US and Europe contributed 11 percent and 26 percent of global new energy vehicle sales, respectively, in the first half of the year.

China accounts for 59% of global NEV sales in H1-CnEVPost

The world sold 4.24 million new energy vehicles (NEVs) in the first half of this year, of which China contributed 2.51 million, or 59 percent, according to data released today by the China Passenger Car Association (CPCA).

That's up from 41 percent in 2020 and 52 percent in 2021, according to the CPCA.

For comparison, the US and Europe contributed 11 percent and 26 percent of global NEV sales in the first half of the year, respectively.

China's lead in global NEV sales is due to smooth supply and strong demand, while production and sales of both conventional vehicles and NEVs in Europe were low in the first half, Cui Dongshu, secretary-general of the China Passenger Car Association, said in an article today.

China's NEV market has shifted to be driven by market rather than policy forces, creating strong endogenous growth drivers, Cui said.

China's wholesale sales of new energy passenger vehicles reached 571,000 units in June, surpassing last December's record of 505,000 units, according to data released earlier this month by the CPCA.

From January to June, wholesale sales of new energy passenger vehicles in China rose 122.9 percent to 2,467,000 units, while retail sales of new energy passenger vehicles in China rose 122.5 percent to 2,248,000 units from January to June.

Improved supply, along with expectations of higher oil prices, is driving a continued boom in the NEV market, the CPCA said earlier this month, adding that, in particular, higher oil prices, while electricity prices remain unchanged, are allowing strong orders for electric vehicles.

It's worth noting that July is traditionally a slow month for China's auto market, and NEV sales could also be affected.

From July 1-24, China's passenger vehicle retail sales were 1.16 million units, up 19 percent from a year earlier and down 10 percent from the same period in June, data released by the CPCA on July 27 showed.

China's NEV sales in June exceeded expectations and hit a record high, but the market was starting to worry about weaker demand in the first two weeks of July, local brokerage firm CICC said in a July 19 research report.

In addition to traditional seasonal factors, this year's severe heat also affected consumer access to stores and test drives, the CICC said.

China to extend purchase tax exemption for NEVs, says top govt meeting

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