China's China Passenger Car Association (CPCA) anticipates a 25% increase in new energy vehicle (NEV) wholesale figures for July 2023, reaching approximately 1.18 million units compared to the same period last year.

China's China Passenger Car Association (CPCA) anticipates a 25% increase in new energy vehicle (NEV) wholesale figures for July 2023, reaching approximately 1.18 million units compared to the same period last year.

China's New Energy Vehicle Market Thriving in July

The China Passenger Car Association (CPCA) has reported a robust market trend for new energy vehicles (NEVs) in July 2023. The month saw a significant increase in NEV sales, with an estimated 1.18 million units sold, a 4% decrease from June but a 25% year-on-year growth.

Leading the pack is BYD, the market leader with 27.8% share, selling 274,644 NEVs in July, despite a year-on-year sales decline of 11.9%. Geely follows closely, with 12.3% market share and a 112.1% year-on-year sales increase. Changan Automobile holds third place, with 6.6% market share over the first seven months of 2023.

Tesla, while still a significant player, saw a decrease in sales, with 4.1% market share and 8.41% year-on-year decrease. Other notable NEV manufacturers showing rapid growth include Leapmotor with over 50,100 units delivered in July (126% year-on-year growth), and XPeng with 36,700 units (229% year-on-year growth).

The top-performing NEV manufacturers in China, as of July 2023, are:

1. BYD - 274,644 units, 27.8% market share
2. Geely - 121,385 units, 12.3% market share
3. Changan - 423,180 sales in January-July, 6.6% market share
4. Tesla - 40,617 units, 4.1% share

Several other automakers also achieved record-high wholesale sales of NEVs in July, including Leapmotor, XPeng, PEV, ioi, Dongfeng Nissan, and GAC Toyota. Many smaller automakers also performed well, contributing to the overall increase in NEV sales.

The specific figures for all NEV sales, including those of other major automakers, are expected to be released later this month. The NEV sector accounted for nearly half of all new vehicle sales in July 2023, reflecting strong adoption momentum in China.

[1] CPCA Report, July 2023 [2] CPCA Report, July 2023 [3] CPCA Report, July 2023

1. China's robust new energy vehicle (NEV) market in July 2023 resulted in an estimated 1.18 million units sold, representing a 25% year-on-year growth.
2. In July, BYD led the pack with 274,644 NEVs sold and a 27.8% market share, albeit with a year-on-year sales decline of 11.9%.
3. Geely followed closely with 12.3% market share, showing a impressive 112.1% year-on-year sales increase.
4. The top-performing NEV manufacturers in China, as of July 2023, are BYD, Geely, Changan, and Tesla, in that order.
5. Other noteworthy NEV manufacturers, such as Leapmotor and XPeng, showed rapid growth, delivering over 50,100 units and 36,700 units respectively, marking a 126% and 229% year-on-year growth respectively.
6. The finance sector is likely to take a keen interest in the industry as a variety of automakers, including Leapmotor, XPeng, PEV, ioi, Dongfeng Nissan, and GAC Toyota, achieved record-high NEV wholesale sales in July.
7. The NEV sector accounted for nearly half of all new vehicle sales in China in July 2023, indicating a strong push towards electric vehicles (EVs) and technological advancement in the automotive industry.

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