NEV registrations hit record high, latest sign of robust growth despite foreign suppression

Visitors are seen at the exhibition area of Chinese NEV manufacturer BYD during the 2024 Beijing International Automotive Exhibition in Beijing, capital of China, May 4, 2024. The exhibition closed on Saturday. (Photo: Xinhua)

The number of newly registered new-energy vehicles (NEVs) in China jumped nearly 40 percent year-on-year in the first half of 2024 to a record high, according to the latest official data, in another sign of robust growth in China's NEV industry despite crackdowns by the US and Europe.

About 4.4 million NEVs were registered, increasing 39.41 percent year-on-year and representing a new high, data from the Ministry of Public Security showed on Saturday. All newly registered cars grew 5.7 percent year-on-year to 12.42 million, according to the data.

As of the end of June, total vehicle ownership in China reached 440 million, including 24.72 million NEVs, representing 7.18 percent of total vehicle ownership. The number of pure electric vehicles exceeded 18.13 million, representing 73.35 percent of NEVs, according to the data.

Infrastructure for NEVs also expanded rapidly. As of the end of June, the number of NEV chargers jumped 54 percent year-on-year to 10.24 million, including 3.12 million public charging facilities and 712 private ones, the data showed.

Zhang Xiang, secretary-general of the International Intelligent Vehicle Engineering Association (Hong Kong), said that these numbers showed that China's NEV industry continues to develop rapidly, thanks to the country's strong support.

"China has the world's largest and most cost-effective NEV industry and is technologically ahead of international car companies. Even some international brands are now seeking to cooperate with Chinese car companies to obtain technology," Zhang told the Global Times on Sunday.

"This rapid growth has enhanced the competitiveness of Chinese car companies, giving them more advantages in the international market."

Such rapid development comes as the US, Europe and some other Western economies have tried to crack down on the Chinese NEV industry with protectionist actions. The US has announced an additional tariff of up to 100 percent on Chinese electric vehicles, while the EU has announced additional duties on Chinese electric vehicles.

China has vowed to take all necessary measures to protect the legitimate rights and interests of Chinese companies. On Friday, the country initiated dispute settlement proceedings at the WTO against the EU's so-called anti-subsidy measures against Chinese electric vehicles.

Zhang said that protectionist actions by the US and EU seriously undermine the global NEV industry as a whole, and Western politicians' accusations of overcapacity in China's NEV industry are biased.

"From a global perspective, there is still a huge demand for NEVs that has not been met. China has about 60 percent of global NEV production capacity, but many countries do not have the capacity to make NEVs," Zhang said, adding that domestic consumption of NEVs also continues to grow.

In the first seven months of 2024, sales of NEVs in China increased 33.7 percent year-on-year to 4.988 million units, with a penetration rate of 43.1 percent, according to data from the China Automobile Dealers Association last week.