Cui Dongshu predicts that sales of new energy vehicles will exceed 950,000 units in July, with a penetration rate of 50% in sight

News on August 3, according to the analysis of the national auto market in July by Cui Dongshu of the Passenger Car Association, although July was affected by multiple factors such as the traditional production off-season, weak market demand, and extreme weather, the overall performance of the auto market was not strong. However, thanks to the gradual implementation of the national "old-for-new" policy, the year-on-year decline in terminal sales in the auto market has narrowed, and the new energy vehicle market has performed particularly well. According to the editor, as of noon on July 25, the car trade-in information platform had received 364,000 applications for car scrappage renewal subsidies, and more than 10,000 new applications were added in a single day. This significant growth reflects the strong pull of the end-of-life renewal policy.

On July 25, the National Development and Reform Commission and the Ministry of Finance jointly issued "Several Measures to Enhance Support for Large-scale Equipment Renewal and Trade-in of Consumer Goods", which clearly proposed to increase the subsidy standard for vehicle scrapping and renewal.

Under the new policy:

1. You can enjoy a subsidy of 20,000 yuan when purchasing new energy passenger vehicles.
2. Purchasing a fuel-powered passenger vehicle with a displacement of 2.0 liters and below can receive a subsidy of 15,000 yuan.

Since the subsidy for new energy vehicles is 5,000 yuan more than that for fuel vehicles, this has further stimulated consumer enthusiasm in the new energy vehicle market. The market performance of plug-in hybrids and extended-range vehicles was particularly outstanding, causing the year-on-year decline in terminal sales of the auto market to continue to narrow in July, showing a trend of "not slow in the off-season", with new energy vehicles benefiting most significantly.

Cui Dongshu also pointed out that the advantages of leading new energy companies in the market have been expanding recently, the market differentiation under different rights in oil and electricity has become increasingly obvious, and the penetration rate of new energy continues to rise.

According to predictions, national wholesale sales of new energy passenger vehicles are expected to reach about 950,000 units in July 2024, and the corresponding new energy penetration rate in domestic retail is expected to reach 50%. This data fully demonstrates the strong growth momentum of the new energy vehicle market.
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