China’s NEV sales hit new high in August

China recorded a new record month for sales of electric cars and plug-in hybrids in August. After a decline in July to around 780,000 units, around 846,000 of the so-called new energy vehicles were sold in August - with BYD alone accounting for 30 per cent.

This is according to figures from the China Association of Automobile Manufacturers (CAAM). Since the weak start of the year, the market in China has fully recovered: 636,000 new NEVs hit the roads in China in April 2023, 717,000 units in May 2023, 806,000 units in June, before a small dip in July with 780,000 units. August sales now surpass the previous record of 814,000 NEV sales set in December 2022, when certain subsidies expired at the end of the year. Specifically, the approximately 846,000 NEVs represent a 27 per cent increase over August 2022 and an 8.5 per cent increase over July 2023.

Specifically, about 597,000 BEVs and 247,000 PHEVs were sold in China in August. Fuel cell cars (FCEVs) are also part of the new energy vehicles, but play a minor role with just 200 new registrations last month. The 597,000 BEVs represent a year-on-year increase of 14.4 per cent and, compared to July (541,000 BEVs), an increase of 10.4 per cent. The 247,000 plug-in hybrids represent a year-on-year growth of 73 per cent and an increase of 4.2 per cent compared to July.

Across all drive types, 2.58 million new cars hit Chinese roads in August (+8.4 per cent on August 2022, +8.2 per cent on July 2023). This means that the NEV share of the total market was 32.8 per cent. That is, one third and thus exactly at the same level as in July.

In the manufacturer overview, BYD continues to expand its lead. The company is currently posting record month after record month (July, which was somewhat weaker for the NEV market, was no exception). According to CAAM statistics, BYD sold 274,086 NEV passenger cars in August, about 12,000 units more than in July and about 22,000 more than in June. While the BEV to PHEV split has often been roughly 50:50 in recent months, it swings slightly in favour of BEVs in August: Specifically, BYD sold 145,627 battery-electric cars (+76.1 per cent YoY) and 128,459 plug-in hybrids (+40.7 per cent YoY). For the current year, the OEM is aiming for three million units, currently standing at 1.79 million NEVs.