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In China, the adoption of new energy vehicles has hit a new record high, driven by ongoing government policies and rising international oil prices. During the first week of this month, electric and hybrid vehicles accounted for 67% of all passenger car sales, leaving only about a third of sales for traditional combustion engine vehicles, according to recent industry data.
Approximately 152,000 new energy vehicles were sold in that week, marking a 14% decrease compared to the same period last year. Meanwhile, overall passenger vehicle sales fell sharply by 23%, totaling 228,000 units sold.
Expert analysis suggests that geopolitical tensions have pushed global oil prices upward, making fuel-powered cars more expensive to operate. This has led to reduced demand for gasoline vehicles, putting financial strain on households and hindering a robust year-over-year rebound in the automotive market.
Market trends are also shifting rapidly, with the top 10 best-selling models last month all being electric or hybrid vehicles for the first time. In comparison, January’s list featured seven gasoline-powered models. Notably, the most popular fuel vehicle in May, the Geely Boyue, ranked 17th in the latest sales figures.
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