NEV sales in China down 47.5% MoM and 4.7% YoY in July
According to the China Association of Automobile Manufacturers (CAAM), sales of new energy vehicles across Chinese markets declined in July, the first full month after the new subsidy scheme took effect.
NEV sales registered month-on-month decline by 47.5% and year-on-year by 4.7% to stand at 80,000 units, Shanghai Metals Market reported. Pure electric vehicles sales witnessed a sharper decline. Production of NEV stood at 84,000 units last month, a drop of 6.9% year-on-year. Production dropped 37.2% month-on-month.
CAAM data also showed that cars production decreased 5% on the month and 11.9% on the year to stand at 1.8 million units in July. Auto sales stood at 1.81 million units in July, down 12.1% on the month and by 4.3% on the year. Sales of passenger vehicles declined 3.9% YoY to 1.53 million units.
Domestic production and sales of cars stood at 13.93 million units and 14.13 million units, respectively in the first seven months of 2019.
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