NEV penetration rate in China to increase by 50%in just three...

NEV penetration rate in China to increase by 50%
in just three months?

So says BYD chairman Wang Chuanfu about new energy vehicles (BEVs and PHEVs), who was speaking late last week at the China EV 100 Forum.

He’s upped that timeframe, because about a month ago he was making the 50% sales increase with the end of 2024 in mind.“The penetration rate of NEVs crossed 48.2 percent last week, and if it continues at this rate, I estimate that the penetration could cross 50 percent in the next three months,” said Wang, per the CNev Post.China’s monthly NEV penetration rate exceeded 40 per cent in 2023.Even if China’s NEV penetration rises from 35 per cent last year to just45 per cent in 2024, it would mean an additional 2 million NEV sales, noted Wang.Both scenarios, if played out, would be a huge boost for lithium demand.”