China’s NEV Adoption Hits Record 67% as High Oil Prices Dent Fuel Vehicle Demand(Yicai) June 11 -- New energy vehicle adoption in China has reached another all-time high thanks to ongoing policy support and surging international oil prices.
In the first week of this month, 67 percent of all passenger autos sold in China were NEVs, meaning that only a third were combustion engine cars, according to data released yesterday by the China Passenger Car Association.
Some 152,000 new NEVs were sold in the week ended June 7, down 14 percent from a year earlier, while sales of all passenger vehicle types tumbled 23 percent to 228,000.
Geopolitical tensions have driven up global oil prices, making it more expensive to run fuel vehicles, CPCA Secretary-General Cui Dongshu said. That has dampened demand for gasoline autos and increased the financial pressure on households, weakening vehicle demand and standing in the way of a strong year-on-year recovery in the market, Cui added.
The market shift is also visible in fast-changing model rankings. The top 10 best-selling cars last month were all NEVs for the first time. Seven gasoline models made the cut in January. The best-selling fuel car in May, the Geely Boyue, only ranked 17th.
Editor: Tom Litting