Electric car hit 48% in China – Legacy auto will lose billions in China in 2024

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China’s new energy vehicle (NEV) sales have experienced a notable rebound this month compared to the previous month, with the automotive market showing signs of recovery following the Chinese New Year holiday. According to data released today by the China Passenger Car Association (CPCA), retail sales of passenger NEVs in China reached 490,000 units from March 1 to March 24. This marks a 39 percent increase compared to the same period last year and an impressive 84 percent surge compared to the preceding month.

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