China dominates global NEV market as Geely reports record sales

Global New Energy Vehicle (NEV) sales reached 15.7 million units from January to August 2026, a 15% increase compared to the previous year. China remains the dominant force in the sector, accounting for 62% of global NEV sales during this period, with its share rising to 65.3% in July and August. Within the Chinese market, the share of battery electric vehicles (BEV) stood at 59%, while plug-in hybrid vehicles (PHEV) reached 71%.

Regional performance shows a stark contrast between markets. European NEV sales grew by 34% year-on-year, reaching 3.12 million units. Conversely, the US market saw a significant contraction, with sales dropping 31% to 820,000 units, attributed to high tariffs and the cessation of NEV subsidies. Meanwhile, Chinese brands are expanding their international footprint, with their overseas NEV market share rising to 24.8% in the first eight months of 2026.

Geely Holding Group reported record-breaking performance for the first three quarters of 2026, with total sales exceeding 3 million vehicles. The group's NEV sales reached approximately 1.79 million units, representing a 12.6% year-on-year increase and a 59.7% NEV penetration rate. Geely's overseas exports grew by 169%, with NEVs making up 61% of those exports.