China: NEV sales remain almost constant in July

China: NEV sales remain almost constant in July

564,000 New Energy Vehicles were sold in China in July, down 7,000 from the previous record month of June 2022, but NEV sales more than doubled compared to the same month last year.

Following December 2021 (505,000 units) and the record-breaking June with its 571,000 NEV sales, July 2022 was only the third month in which more than half a million new energy vehicles (BEV, PHEV and FCEV) were sold in China. The 564,000 NEVs represent a 1.23 percent decline compared to June, which is remarkable in times of volatile supply chains.

The China Passenger Car Association (CPCA), which publishes the sales figures, attributes the steady NEV sales to improved supply and the expectation of higher oil prices - consumers are unlikely to be fooled by the lower acquisition cost of small internal combustion vehicles in the short term.

Comparing the July 2022 figures to the same month last year, the 564,000 NEVs is a 129.3 percent increase - 246,000 New Energy Vehicles were sold in July 2021, which was the best month of the current year to date at the time.

Of the 564,000 New Energy Vehicles, 428,000 were equipped with a purely battery-electric drive - this corresponds to a share of 76 percent in July. 136,000 units were accounted for by plug-in hybrids in July, while fuel cell vehicles continue to account for only very small numbers.

In the current year, wholesale sales of new energy vehicles in China thus totaled 3.03 million units, an increase of 123 percent.

Among manufacturers, BYD leads the way, as has become customary - in both the NEV and BEV-only counts. July was a new record month for the manufacturer, which plans to deliver its first e-vehicles in Sweden, Germany and Israel later this year, with 162,214 New Energy Vehicles. BYD sales are split between 80,991 BEVs and 81,223 PHEVs - a ratio of 49.9 to 50.1 percent.