About 77 out of every 100 newly registered cars in Shenzhen are NEVs.
(A BYD Song Plus EV on display at the June 2024 Shanghai new energy vehicle show. Image credit: CnEVPost)
The new energy-vehicle (NEV) penetration rate in Shenzhen, in southern China's Guangdong province, is approaching 80 percent, meaning that just over 20 percent of new car purchases are made with traditional combustion engine vehicles.
In June, Shenzhen's NEV penetration rate reached 77.4 percent of new car sales, the highest in a single month, meaning that about 77 out of every 100 newly registered cars in the city were NEVs, the Shenzhen Special Zone Daily said in a report yesterday.
In the first half of 2024, 109,000 NEVs were registered in Shenzhen, with a penetration rate of 72.6 percent in new car sales, according to the report.
China's retail sales of NEVs stood at 856,000 units in June, with penetration rising to a record 48.4 percent, according to data released earlier this month by the China Passenger Car Association (CPCA).
Shenzhen is home to the global headquarters of BYD (HKG: 1211, OTCMKTS: BYDDY), China's largest NEV maker, and has one of the most NEV-friendly policies.
Local residents who buy NEVs, including hybrids and battery electric vehicles (BEVs), can get free green license plates, while those who buy traditional fuel vehicles have to go through a lottery or bidding process to get blue plates.
As of June, Shenzhen's motor vehicle ownership stood at about 4.263 million vehicles, of which 1.08 million were NEVs, accounting for more than 25 percent, the Shenzhen Special Zone Daily report noted.
In 2023, Shenzhen's NEV production reached 1.73 million units, the report said, adding that BYD's second phase project in the Shen-Shan Special Cooperation Zone has reached production and can produce 750 NEVs per day.
China's NEV ownership reached 24.72 million units at the end of June, accounting for 7.18 percent of the total vehicle ownership of 440 million, data released on July 8 by China's Ministry of Public Security showed.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and fuel cell vehicles.
As of the end of June 2024, the ownership of BEVs in China amounted to 18.134 million vehicles, accounting for 73.35 percent of the total number of NEVs.
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