CPCA: The penetration rate of new energy vehicles is expected to increase to 36% in 2023

Driven by continuous industry policies and the gradual release of consumer purchasing enthusiasm, the domestic new energy passenger vehicle market in China has returned to strong growth characteristics. The car market continues its strong trend in April, and car sales in May reached a new high this year. 

On June 5th, the China Passenger Transport Association announced that it is expected that the sales of new energy passenger vehicles in China will reach 8.5 million units in 2023, and narrow passenger vehicle sales will reach 23.5 million units. The penetration rate of new energy vehicles for the entire year is expected to reach 36%. 

The current operating status of the automotive industry is basically in line with predictions. Some research institutions believe that a series of industry policies introduced by the government have unleashed the consumption potential of new energy vehicles, and the demand for new energy vehicles is expected to further recover in the future.

(From: Economic Reference News)

Translated by; WONDEE Autoparts

2023/6/6