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EVs capture two-thirds of China’s car market in record-breaking week

EVs capture two-thirds of China’s car market in record-breaking week

Electric vehicles accounted for a record 66.7 per cent of new car sales in mainland China during the first week of June, the latest sign that the country’s battery-powered carmakers are benefiting from the global energy crisis.

Two out of every three new cars sold on the mainland in the seven days ending June 7 were either pure electric or plug-in hybrid vehicles, according to data from the China Passenger Car Association (CPCA).

The penetration rate climbed from 62.9 per cent in May as a wave of new smart EV models helped sustain consumer demand.

“The Middle East conflict has given Chinese EV makers an unexpected shot in the arm,” said Eric Han, a senior manager at Shanghai consultancy Suolei. “Petrol cars may have run out of steam.”

Mainland EV deliveries exceeded 152,000 units between June 1 and 7, up 8 per cent from the corresponding period a month earlier, CPCA data showed.

The strong performance comes despite a reduction in government support. EV sales got off to a sluggish start this year after Beijing pared back subsidies and tax incentives.

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