Business
China’s EV Adoption Soars to 53.9% Amid Subsidy Boost and Shifting Consumer Preference
The adoption of electric vehicles (EVs) in China surged to 53.9% in August as an increasing number of car owners preferred batteries to gasoline engines. A substantial increase in subsidies in July played a significant role in persuading more consumers to switch to electric vehicles, according to the industry association.
The percentage of electric vehicle (EV) purchases in mainland China surpassed 50% for two months in a row in August, despite a decline in total car sales in the world's biggest auto market.
The changing trends cast a shadow of doubt over the manufacturers of vehicles powered by internal combustion engines, as sales dropped to 870,000 units last month, marking a 28 per cent decline compared to the same period last year. The CPCA's data revealed that total market sales also experienced a slight dip of 1 per cent, reaching 1.91 million units last month.
According to the CPCA, government financial assistance has made electric vehicles more appealing. The government announced in July that those who swap a petrol-consuming vehicle for an electric one could receive 20,000 yuan (US$2,808) per vehicle, which is twice the incentive offered in April. Presently, a 15,000 yuan incentive is given per vehicle for transitioning from petrol engines to battery-powered ones.
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