Electric cars just hit a record share of China’s market. Their sales still fell
New energy vehicles took a record 65.1% of Chinese passenger car sales in July, but NEV volumes fell about 2% year on year, a seventh straight monthly decline, while the total market dropped 18%. Geely’s Xingyuan was the bestseller and BYD’s best performer managed only fifth over six months.
Electric and hybrid cars took 65.1% of Chinese passenger car sales in July, a record, according to China Passenger Car Association figures released Tuesday. It is a record reached for an awkward reason. New energy vehicle sales themselves fell, for the seventh month in a row.
NEV retail came to roughly 970,000 units, down about 2% on a year earlier, while the passenger market as a whole dropped 18%. Over the first seven months, NEV sales fell 12.5% and total passenger sales fell 20.3%. Electric cars are taking a larger slice of a considerably smaller cake.
That contraction is what Chinese...
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