The market share of hybrid and electric vehicles in the US stood at 18 percent in the first quarter of this year.
China, which is well-known for producing the largest volume of electric vehicles in the world, has yet again surpassed its counterparts US and Europe by selling half of vehicles in its country, which are either electric or plug-in hybrids. The nation took the initiative of selling and manufacturing electric cars after the USA, but cheap labor rates, government subsidies, and favorable battery costs have made China a leader in EV manufacturing.
Compared to the previous year, sales of new energy vehicles increased to 37 percent, which accounted for 50.7 percent vehicle sales , as per reports shared by China Car Passenger Association. Three years ago, out of total vehicle sales in China, NEV sales were just 7 percent. However, the gigantic investments in supply chains have fuelled the escalation of in-house EV industry, which has forced various global brands in Europe and US to struggle.
Reports also highlighted that the market share of hybrid and electric vehicles in the US stood at 18 percent in the first quarter of this year, claims US based research firm US Energy Information Administration. In China, the growth of NEVs started mounting in June at a rate of 28.6 percent, while sales of complete electric vehicles reached 14.3 percent in July, which is more than 9.9 percent growth for June.
Interestingly, the escalating growth in NEVs assisted the domestic automobile brands Li Auto and BYD to witness more sales in the quarter. Although sales of pure EVs increased in China, in-house car sales slumped by 3.1 percent, a reduction for a consecutive four months. The ongoing scuffles in the property market have made people lose their confidence, coupled with the struggling economy.
