Electric Vehicles

Over the past decade, Chinese automakers have staged a stunning rise in the auto industry, establishing a clear lead over the U.S. and Europe in democratizing electric vehicles. Now the latest sales data suggests that the country is so far ahead in electrification that a miracle would be needed for others to catch up or come even remotely close.

Data from the China Passenger Car Association, posted on the Chinese social media platform WeChat, indicates that China's EV market accounted for a whopping 76% of global EV sales in October. That figure represents new energy vehicles (NEVs), as they're called in China, which include both fully electric models and plug-in hybrids.

Of the 14.1 million NEVs sold globally between January and October, 69% were in China, as per the CPCA. The U.S. accounted for less than 10% of this, with about 1.28 million EVs and PHEVs sold during the same period. Automakers in Europe sold about 2.32 million units in the first eight months of the year, but that growth is now slowing down as legacy brands in the continent struggle to sell EVs.

When you break down 'NEVs' into EVs and PHEVs, things also look good. From January to October, China's share of fully electric global sales stood at 63.2%. The share of PHEVs reached 78%. Simply put, much of the EV mass adoption is driven by China and Norway, with the former having a far greater statistical significance.