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China to surpass US in NEV sales this year

Source: The Paper | Date: Dec. 6

  • New energy car sales in China are expected to reach 220,000 to 250,000 this year, surpassing the US to rank first worldwide, China Association of Automobile Manufacturers forecast.

  • An official from CAAM said that China’s NEV sales will make up more than 40% of the global NEV sales, surpassing the market share of the US, Europe, and Japan.

  • Despite the downturn of the car industry, China’s new energy vehicle sector has seen explosive growth this year with pure electric and plug-in hybrid vehicles achieving record sales and production output, thanks to government’s supportive policies including subsidies and the exemption from purchase restrictions and number plate lottery sessions.

  • In the first ten months of this year, NEV output and sales grew 270% and 290% respectively.

  • However, the new energy car sector needs to acquire essential technologies and NEV parts in order to make a breakthrough during the 13th Five-Year Plan period.