Chinese automakers saw their share of the global electric vehicle market rise to 68.2% over the last three months of 2023, compared with 57.4% as of March, as European car companies’ market share declined to the lowest level since 2019 on the back of shrinking subsidies and weak sentiment. The numbers were published by Cui Dongshu, secretary general of the China Passenger Car Association (CPCA), on his WeChat account on Saturday. Specifically, sales of China’s green energy passenger vehicles, including pure EVs and plug-in hybrids, increased by 37% to nearly 8.9 million units last year, outperforming a 16% rise and a volume of 2.9 million units from European firms, according to CPCA figures. The industry group expects China’s new energy vehicle sales to surpass 11 million units in 2024, up 22% from last year and representing a penetration rate of 40%. [Cui Dongshu, China Passenger Car Association, in Chinese]
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