An industry poll conducted Thursday indicated that the penetration rate of new energy vehicles (NEVs) in China, an indicator of popularity, is anticipated to reach a new high of 49.1 percent in June as the sector continues to expand gradually among increasing competitiveness.
The China Passenger Car Association (CPCA), which comprises all domestic passenger car manufacturers, projects a rather bullish aim for June: retail projected to reach 860,000 units, a 6.9 percent growth over May.
To reach the semi-annual aim, automakers have engaged in different marketing and advertising campaigns; CPCA noted that trading price for volume has a quite limited stimulating impact on the whole market.
Here’s a table listing some Chinese companies in the new energy vehicle (NEV) sector that are listed in Hong Kong and the USA:
| Company Name | Listing Location | Sector |
|---|---|---|
| Listed in Hong Kong | ||
| BYD Company Limited | Hong Kong | New Energy Vehicles (NEV) |
| NIO Inc. | Hong Kong | New Energy Vehicles (NEV) |
| XPeng Inc. | Hong Kong | New Energy Vehicles (NEV) |
| WM Motor Technology Co., Ltd. | Hong Kong | New Energy Vehicles (NEV) |
| Listed in the USA | ||
| Li Auto Inc. | USA (NASDAQ) | New Energy Vehicles (NEV) |
| BYD Company Limited (ADR) | USA (OTC) | New Energy Vehicles (NEV) |
| XPeng Inc. (ADR) | USA (NYSE) | New Energy Vehicles (NEV) |
| NIO Inc. (ADR) | USA (NYSE) | New Energy Vehicles (NEV) |
These companies are prominent in the new energy vehicle sector, focusing on electric vehicles and related technologies to address global energy challenges and sustainability goals.
The NEV penetration rate is the percentage of NEV sales within a given time out of all the vehicle sales. With an eye toward NEVs accounting for more than 50 percent of total auto sales by 2035, China set the target for them to become mainstream in 2020. Nine to ten years ahead of plan, it now seems likely to reach this aim.
Driven by changing consumer tastes and technological innovation, the Chinese market has entered a fresh phase of commercialization. The fast growth of the NEV sector is intimately linked to continuous technological developments in batteries and motors, therefore enabling electrification and popularization of NEVs.
Advanced technologies like generative AI and intelligent driving let NEVs provide superior intelligent service experience.
According to a survey published at China EV100 Forum 2024 NEV adoption in China is expected to reach around 70 percent by 2030 and Chinese automakers probably rank among the top ten worldwide sellers.
Based on CPCA’s preliminary estimates, narrow passenger car retail sales in June are roughly 1.75 million units, up 2.3 percent month on month.
Shayne Heffernan
