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Petrol model sales crash 44% in July!
High gas prices and a never-ending wave of new BEVs has allowed July to reach record EV market share, with plugins reaching a record 65%!
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 21% year over year (YoY), to around 1.5 million sales. ICE-powered models were at the epicenter of this disruption, with pure petrol bearing the bulk of the sales drop (-44% YoY). Rather surprisingly, HEVs dropped by only 4%, less than plugin hybrids (PHEVs), which fell 21% in July, and extended range models (EREVs), which were down 17%.
Considering the doom and gloom described above, there was still reason for hope. And what might that be? Pure electrics. Despite having fewer incentives, BEVs were up 6% YoY, to 647,000 sales. This meant that BEVs scored a record 44% BEV share in China!
