Passenger electric vehicles accounted for 25% of new car sales in China for the year to August

China announced that sales of passenger electric vehicles accounted for 25% of new car sales in the year to August (relative to the global average of c.5% in 2021).

In the commercial vehicle segment, coincident with a policy change (decreased payload capacity for internal combustion engine light commercial vehicles), sales of electric light-duty commercial vehicles increased 231% year-over-year, taking market share to 10%. We believe that this continues to validate our thesis that the global mass adoption of electric vehicles is under way and China will lead this structural shift.