Chinese EV Company Sales Surge To Record

By Douglas McIntyre • August 2, 2024

Ágoston Fung Pexels

Chinese Company EV Sales Surge To Record

As a sign of how fast the EV market is growing in China and the fact that many buyers are opting for hybrids, Li Auto’s sales reached 51,000 last month in July. The product that contributed the most was the Li L6 SUV, which has a small fuel tank that extends its range. GM and Ford found that Americans have similar preferences based on their recent sales figures.

CNBC reports, “The strong deliveries reflect Chinese consumers’ persistent concerns about relying only on a battery for driving.”

EV sales in the US may have faltered because they lack small gas engines to extend range. EV companies, including market leader Tesla, will need to consider this trend. The one chance Tesla may have to rekindle its growth is through a deal with Uber.

Range, charging time, and prices are hurdles to US EV sales. US car companies led by Ford and GM have found that much of their billions of dollar investments in EVs may have been a waste if hybrids will drive the market for the next several years.

Li Auto’s numbers are as much of a caution as a success. Tesla should pay attention as some owners trade their cars for gas engines.