China’s production and sales of new energy vehicles (NEVs) have continued to show impressive growth in the first eight months of 2023, further solidifying the country’s position as a global leader in the NEV sector. According to data released by the China Association of Automobile Manufacturers (CAAM) on Tuesday, the market share of NEVs in the domestic auto market has seen steady increases.

From January to August, China produced approximately 7.01 million NEVs, reflecting a year-on-year rise of 29%. Sales during the same period also soared, reaching 7.04 million units, a significant 30.9% growth compared to last year. NEVs now account for 37.5% of the domestic vehicle market, underscoring their growing popularity among Chinese consumers.

August was a particularly strong month for NEV production and sales, with over 1.09 million units produced and 1.1 million sold, marking respective year-on-year increases of 29.6% and 30%. NEVs accounted for 44.8% of all new vehicle sales in China for the month.

In addition to robust domestic demand, China’s NEV exports are also on the rise. During the January-August period, China exported approximately 818,000 NEVs, a year-on-year increase of 12.6%. This growth highlights China’s expanding influence in the global NEV market.

Industry experts suggest that this trend will continue as China remains committed to advancing its NEV production capabilities and promoting sustainable energy solutions.