EVs, Hybrids Set to Exceed 50% of China Car Sales for First Time.

Electric vehicles (EVs) and plug-in hybrids accounted for over 50% of all vehicle sales in China in July, a significant milestone for the country's auto market. Despite a 2% drop in overall car sales, sales of EVs and plug-in hybrids reached 879,000 units, making up 50.8% of total sales. This achievement highlights the strong momentum of the EV industry in China, even as global demand slows. The decline in July's car sales was attributed to automakers idling production for their annual summer break and a reduction in discounts after an industry price war. The Chinese government has implemented measures to boost consumption, including increased subsidies for trading old cars for new ones and relaxed requirements for auto loans. [Extracted from the article]