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ICE model sales crash 39% in May
High gas prices and a never ending wave of new models has allowed May to reach record EV market share, with plugins reaching a record 63%!
However, while record market share was achieved in the past thanks to strong EV sales, this time, the record achievement is thanks to a significant ICE (internal combustion engine) crash. The overall market dropped 22% year over year (YoY), to around 1.5 million sales. ICE-powered models were at the epicenter of this disruption, crashing 39% YoY, but plugin hybrids (PHEVs) also didn’t do much better, dropping 25% in May.
The only thing that grew in May? Pure electrics. Despite having fewer incentives, BEVs were up 4% YoY, to 637,000 sales. This meant that BEVs scored a record 42% BEV share in China!
