China - August 14, 2024

NEV sales surpass gasoline cars for first time in China

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Get some exercise, have a sip of coffee, enjoy an artistic masterpiece – this is all part of the new fashion for buying a new energy vehicle in China. In fact, this place contributes to the growing population of those interested in new energy vehicles.

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Gu Lei, Business Owner:

"I've been driving gas-powered cars for the past seven or eight years, but now it seems like new energy vehicles are really stepping up their game. First off, I'm drawn to the high-tech features. Then there's the comfort level when you're sitting in them. Plus, of course, they're energy-efficient, which is a big plus."

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New energy vehicles are gaining more recognition among consumers in China. The latest official data shows a penetration rate of more than 50-percent for July. This means that for the first time, new energy vehicles are selling more than conventional gasoline automobiles in the country. And this innovative complex, which brings new energy vehicles closer to consumers, is one of the reasons behind the boost in sales.

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Hu Liangli, Project Director, Ganghong Auto EV World:

"Since our project launched in 2022, we've seen a customer referral rate that's climbed to between 15 and 20-percent. Our project has earned the trust of many customers and the endorsement of major manufacturers. This has significantly driven up our overall sales figures."

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Zhao Chenchen, Reporter:

"Not only can you test drive a variety of models, but you can also get detailed information on up to 100 different NEVs. This makes it incredibly convenient to compare and contrast the features of each type."

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In addition to the variety of choices and the growing acceptance of new energy vehicles, industry insiders say it’s the continuous technological upgrades and competitive prices that are driving their rapid growth in China.

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Zhang Junyi, Former Partner, OliverWyman:

"Of course, the entire ecosystem as well as the government built up a very good environment for apply the new energy vehicle, for the energy storage, for example, battery swapping, battery charging. All the infrastructure made this happen. And of course, one thing is also very important, the industry itself, our OEMs, our supply chains also support such fast growth compared to the other market around the world."

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Experts anticipate continued growth in the new energy vehicle market, with Chinese brands poised to lead both domestically and on the global stage. Joint venture car manufacturers are aligned closely with Chinese consumer demand… crafting models that are designed and produced in China while catering not only to the domestic market, but also global consumers.

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