China’s NEV sales up 38.7% YoY in June; Total sales in H12019 stand at 577,000 units

China Passenger Car Association (CPCA) data shows that China’s new energy vehicle (NEV) sales in June recorded month-on-month growth by 38.7 per cent and year-on-year by 98.7 per cent to stand at 134,000 units.

In the previous month as well, China’s new energy vehicle (NEV) sales had registered a year-on-year rise by 5.4 per cent to come in at 97,000 units. This had brought the total sales of new energy vehicles during January-May stood at 442,000 units, up 58 per cent from the same period last year.

With the sales in June, China’s total sales of new energy vehicles during the first half of 2019 (January to June) stood at 577,000 units, with a year-on-year increase of 65.9 per cent.

Data from CPCA also shows that China’s retail sales of passenger cars in June stood at 1.8 million units, marking the first year-over-year increase in the last 13 months.

China Association of Automobile Manufacturers estimates that China’s new energy vehicles sales in the whole of 2019 will come in at 1.7 million units. In 2018, sales of NEVs had posted some 1.2 million units, CAAM data showed. 

Shanghai Metals Market expects NEV production to likely reach 6.96 million units by 2025, with passenger vehicles accounting for most of the growth. China's credit system that rewards longer-range models will continue to boost the development of new energy vehicles (NEVs) once subsidies are phased out by 2020.