In a groundbreaking milestone, China's automotive industry achieved an extraordinary feat in the month of November of this year, setting a historic record with over one million wholesale sales of New Energy Vehicles (NEVs). This remarkable feat signifies a noteworthy leap in China’s commitment to sustainable, zero-emissions transportation. The NEV category encompasses a range of vehicles, including battery-electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and hydrogen fuel cell vehicles (FCEVs). Year-over-year, NEV wholesale sales increased 30 per cent.

According to the China Association of Automobile Manufacturers (CAAM) data, a total of 1,026,000 NEVs were sold last month. Of this astonishing figure, 929,000 units were sold within the country, while 97,000 units were exported to other markets across the world. These figures also show that the local Chinese market continues to account for a majority share in the NEV sales.

Surpassing conventional expectations, the number of NEVs sold this year accounted for a substantial 34.5 per cent share of the total sales, amounting to 2,970,000 units. This figure represents a year-over-year increase of 27.4 per cent. Notably, all-electric vehicles (BEVs) constituted nearly 25 per cent of this volume, surpassing 700,000 units in the month of November alone.

A deeper analysis of the data revealed that BEVs exhibited a growth rate of 13.5 per cent, reaching 702,000 units, while sales of PHEVs nearly doubled, boasting 323,000 units with a growth rate of around 90 per cent. FCEVs, although remained marginal in volume, witnessed a commendable increase of 76.3 per cent, reflecting an encouraging trend in diversification.

BYD, a Chinese car brand, emerged as a dominant player in the field of EV production and sales, controlling 30 per cent of the entire NEV market with more than 301,000 units sold last month.

Looking beyond the aforementioned record-setting month, the year-to-date (YTD) figures are equally impressive, with plug-ins accounting for more than 30 per cent of the total wholesale sales of 26,889,000 units. This sustained momentum solidifies the Asian country’s position as a global leader in the production and adoption of NEVs. Additionally, NEV exports have become a significant facet of China’s automotive exports, constituting nearly a fourth of the total exported vehicles this year.

Revealing a transformative shift in China’s automotive landscape, the aforementioned stats underscore China’s dynamic commitment to sustainable and eco-friendly transportation, signaling a significant evolution in the country's automotive preferences.