China's automobile market has fully entered a new phase of “dominated by new energy sources.” Since this year, the NEV retail penetration rate has exceeded 60% for 4 consecutive months, which means that for every 3 new cars sold, 2 are NEVs. According to the latest data from the China Association of Automobile Manufacturers, national automobile production and sales declined by 4% and 4.1%, respectively, in the first half of the year; however, production and sales of new energy vehicles bucked the trend and increased by 6.7% and 7.3%, respectively. Chinese power battery companies account for more than 70% of the global market share, and China occupies 7 seats in the top 10 companies in the world for power battery loading. China accounts for 35.6% of the world's automobile patents. For every 3 automobile patents in the world, more than 1 comes from China. China's new energy vehicles “going overseas” have attracted global attention. In the first half of the year, China exported 2.355 million new energy vehicles, an increase of 1.2 times over the previous year, and the growth momentum of overseas markets exceeded expectations. Facing the future, the industry is generally optimistic about the development of China's NEV industry. As of the first half of the year, the country had 48.97 million new energy vehicles, accounting for only 13.19% of the current 371 million vehicles, and the future market space is still broad.

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