Beijing (ZXZC)- 2.84 million new energy passenger vehicles were sold globally from January to July, 48% of which were sold in China. For July alone, China’s NEV sales accounted for 53% of the global NEV sales volume, according to Cui Dongshu, the secretary-general of the China Passenger Car Association (CPCA).

the Yuan EV; photo credit: BYD

The fact that China’s NEV market turns to be market-driven created an endogenous growth power in the biggest auto market, thus bringing great momentum to the global NEV market.

On August 26th, the Ministry of Industry and Information Technology (MIIT) released a China Automotive Industry Development Annual Report (2021). According to the report, domestic NEV sales volume in 2020 was 1.367 million vehicles, increasing by 10.9% year on year, making it the third year of over 1 million NEVs sold in a row. The NEV sales in China have been seeing rapid growth and remained the largest NEV market for six consecutive years.

In addition, data released by the China Association of Automobile Manufactures (CAAM) showed, the sales and production output of NEVs tripled to 1.206 million and 1.215 million units, respectively, in the first six months of 2021.