China's EV Market Surges with Record Sales and High Adoption Rates

August sees a significant increase in new energy vehicle sales, driven by strong performances from domestic and international manufacturers.

China's August retail sales of new energy passenger vehicles soared to 1.027 million units, a 43.2% year-on-year increase.
BYD set a higher annual sales target of 4 million vehicles, citing strong demand for its new plug-in hybrid models.
Tesla's China sales hit a 2024 high in August with 63,456 vehicles sold domestically, up 37% from July.
The penetration rate of new energy vehicles in China's market climbed to 53.9%, a notable rise from last year.
Government subsidies continue to support the transition to electric vehicles, offering cash incentives for trading in petrol-powered cars.