China exceeds 1 million EV sales in August 2024, setting a new record

August’s strong performance was driven by a rebound in BEV sales, which had seen declines in previous months, and a continued surge in PHEVs, which set a new monthly sales record for the third consecutive time.

Surpassing historic benchmarks

The August 2024 sales figures represent a 43,4% increase year-over-year (YoY) from the 529.566 units sold in August 2023. On a month-to-month basis, NEV sales grew by 16,9% from July 2024, when 878.424 units were sold. This marks a critical achievement, as the 1.000.000 monthly sales mark had never before been crossed.

Prior to August, the highest recorded month for NEV sales in China was December 2023, when 947.347 units were sold. That surge was largely driven by year-end incentives and tax advantages. However, this new record, achieved during a typical mid-year sales cycle, signals sustained and organic growth in the NEV market.

BEVs and PHEVs both on the rise

In August 2024, BEV sales reached 582.813 units, a 20,8% increase from the previous month and a 18,8% increasefrom the same period last year. The rebound in BEV sales comes after two consecutive months of decline, signalling renewed demand for fully electric vehicles.

Meanwhile, PHEVs hit a record high of 444.270 units, continuing their upward trend. PHEV sales grew by 12,2%compared to July 2024, and an impressive 96,9% compared to August 2023. PHEVs now make up 43,2% of China’s total NEV sales, reflecting growing consumer interest in vehicles that offer both electric driving and extended range.

Market share: NEVs gaining ground

In August 2024, more than half of all vehicle sales in China were NEVs, accounting for 53,8% of total passenger vehicle sales. This is up from 51,1% in July 2024, representing a 2,8% month-over-month increase, and significantly higher than the 37,3% market share recorded in August 2023, showing a 16,6% year-over-year increase.

BEVs alone accounted for 30,6% of all vehicle sales in August, up from 28,1% in July. PHEVs made up 23,3% of total sales, slightly higher than the 23,0% in July. Internal combustion engine (ICE) vehicles accounted for 46,2% of sales in August 2024, down from 48,9% in July and a substantial decrease from 62,7% in August 2023. This data shows a clear and accelerating shift in China’s vehicle market toward electrification.

Best-selling BEVs and PHEVs in August 2024

The top-selling models in August show China’s strong domestic production in both the BEV and PHEV segments, with BYD leading in both categories.

For BEVs, the BYD Seagull claimed the top spot, with 46.830 units sold. Tesla’s Model Y followed closely with 45.330 units, maintaining Tesla’s strong market share in China. Other popular models included the BYD Yuan Plus, with 27.046 units sold, and the Wuling Hongguang MINIEV, which sold 26.461 units. The Hongguang MINIEV continues to attract buyers looking for an affordable, compact electric car suited to urban living.

For PHEVs, BYD dominated. The BYD Qin L DM led the pack with 35.957 units sold, followed by the BYD Seal 06(32.903 units) and the BYD Song PLUS DM (28.380 units). BYD’s diverse offerings in the PHEV market have allowed the brand to secure a dominant position, meeting the needs of a wide variety of consumers.

China’s leadership in the global EV market

China’s record-breaking August 2024 sales reinforce its position as the world leader in electric vehicle adoption. In addition to strong domestic sales, China also exported 99.000 passenger NEVs during the month, an increase of 23,7%year-over-year. BEVs made up the majority of these exports, accounting for 80,8% of total NEV exports. With growing demand in international markets, particularly in Europe and Asia, Chinese manufacturers are expanding their global presence.

Global trends vs. China’s surge

While China reached new heights, global EV sales showed a more varied picture. A total of 1.500.000 EVs were sold worldwide in August 2024, with China contributing a significant portion of those numbers. In contrast, Europe saw its first decline in EV sales in years, with a 4% drop year-to-date (YTD) compared to 2023. This decline is largely attributed to the elimination of subsidies in key markets, like Germany, where sales fell by 23%.

Despite these challenges in Europe, China’s NEV market continues to grow. Year-to-date sales in China are 16,9% higher compared to the same period in 2023. While BEV sales grew by 13%, the real standout has been the PHEV market, which has expanded by 74% year-to-date. The sustained growth is a testament to favorable government policies, improvements in battery technology, and the wide availability of affordable NEV models in the Chinese market.

Looking ahead to 2024

As the latter half of the year unfolds, China is expected to surpass the 1.000.000 monthly sales mark multiple times, with the year-end season typically driving even stronger vehicle sales. BYD, which has already sold over 1.000.000 NEVs in 2024, is poised to continue leading the charge in both BEV and PHEV sales.

With ongoing advancements in technology, increasingly competitive pricing, and strong government support, China’s leadership in the global NEV market seems secure. The milestone of exceeding 1.000.000 monthly NEV sales in August 2024 is not just a record—it’s a sign of the future direction of the global automotive industry, with China firmly at the forefront.

Source: The EV Sales Monitor