China’s Car Exports Soar As Electrified Vehicles Near 50% Domestic Market Share

PHEV s, BEVs, and FCEVs have surged in popularity this year. New car sales in China fell by 5.8% in April compared to the same month last year. Chinese carmakers account for nearly 70% of all global PHEV sales. New car sales have declined nationwide in China , but April saw exports reaching a record high, according to sales data from the China Passenger Car Association. In April, domestic sales in China dropped by 5.8% compared to the previous year, amounting to 1.55 million units.

According to the secretary general of the China Passenger Car Association, domestic automakers will need to choose whether to expand overseas or risk losing market share in the local market, Reuters reports. New energy vehicles , encompassing Battery Electric Vehicles , Plug-in Hybrid Electric Vehicles , and Fuel Cell Electric Vehicles , continue to gain traction nationwide. In the previous month, these vehicles accounted for 43.5% of all new car sales in the country.

Source: News Formal (newsformal.com)

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