New electric vehicle sales in China soar 30% MoM and 142% YoY

According to the data released by the China Passenger Car Association (CPCA) on Friday, June 8, 2018, new electric vehicle sales in China register a year on year surge of 142 per cent and a month on month growth of 30 per cent to 92,188 units in May. The cumulative sales of new energy passenger vehicles through May reached 280,635 units, soaring 140 per cent compared to the year earlier.

Pure electric passenger vehicles sales also jumped in May by 130 per cent from a year ago and stood at 73,072 units, while sales of plug-in hybrid electric passenger vehicles rose 199% from a year ago, registering 19,161 units. On the other hand, the A00 battery electric vehicles, a small-sized vehicle with relatively short driving range recorded sales of 44,926 units in May, up 141% year on year.

So, consolidating the electric vehicles sales of each range, it accounted for 57% in May, down 8 percentage points from April. Nonetheless, the popularity of electric vehicles remains intact among the buyers, according to the report.

In the first five months of this year, the sales of pure electric passenger vehicle and plug-in hybrid electric passenger vehicle came in at 207,416 units and 73,219 units, respectively.

Beside automotive industry, this surge in new electric vehicle sales in China spreads positive sentiment in the downstream aluminium market as well, as it is likely to give a boost to the demand and sells of aluminium extrusions and rolls.