China's NEV sales account for 40% of total automobile sales in first 11 months of 2024

Sales of new-energy vehicles (NEV) in China reached a new milestone on Wednesday, as NEV sales surpassed 40 percent of all auto sales for the first time during the January-November period, latest data showed.

During the first 11 months, Chinese NEV output reached 113.45 million units while sales hit 112.62 million, state broadcaster CCTV reported, citing data from China Association of Automobile Manufacturers (CAAM). Output surged by 34.6 percent year-on-year and sales grew by 35.6 percent during the period.

Notably, NEV output and sales in November alone both exceeded 1.5 million units, and sales during the January-November period for the first time surpassed 40 percent of all auto vehicles sold in the country, CAAM said.

CAAM attributed the robust sales in November to the ongoing trade-in programs promoted by the government and it predicted sales to continue to expand in December.

The Ministry of Commerce on Tuesday announced that China's trade-in program targeting automobiles is progressing steadily with the policy effects accelerating, as combined auto trade-ins surpassed 5 million units so far this year.

The number of charging piles for EVs in China reached 12.35 million as of the end of November this year, marking an increase of 49.5 percent from a year ago, latest industry data showed.

China's NEVs sales surpassed the market share of fossil fuel powered cars for the first time in July, when retail sales of NEVs nationwide reached 878,000 units in the month to account for 51.1 percent of the total market, according to Xinhua News Agency.