EV Sales In China Pass 2015 Results, Now Approaching 350,000
Plug-in electric vehicle sales (or New Energy Vehicles as they are known locally) in China amounted to 44,000 registrations in October, while production moved ahead to ~49,000 last month.
Even more amazing then the volume itself is the widening gap between all-electric vehicles and plug-in hybrids, illustrating the different demographic needs of consumers in large cities in China vs the rest of the world.
All-electric vehicles (BEVs) sales ended the month at 39,000 sold (44,000 produced), while plug-in hybrids (PHEVs) noted only 5,000 sales (ditto for production)l that is almost a 9:1 ratio.
“According to the statistics made by CAAM, in October, the production and sales of new energy vehicles reached 49 thousand units and 44 thousand units respectively, increasing 14.3% and 8.1% year on year.
To be specific, the production and sales of BEV reached 44 thousand units and 39 thousand units, increasing 28.0% and 19.7% year on year; and such figures for PHEV were both 5 thousand units, decreasing 39.1% and 38.6% year on year.”
Official data from native manufacturers shows that EV sales have already exceeded the 2015 total, standing at 337,000 YTD with two months to go, heading to a potential target of over 450,000 this year (China historically always “finishes big” in November and December).
Again, plug-in hybrids only hold a fraction of the market for 2016 to date at around 23% (79,000 PHEV registrations vs 258,000 for BEVs).
“For the first ten months, the production and sales of new energy vehicles reached 355 thousand units and 337 thousand units respectively, increasing 77.9% and 82.2% year on year. To be specific, the production and sales of BEV reached 276 thousand units and 258 thousand units, increasing 98.1% and 102.5% year on year; and such figures for PHEV were both 79 thousand units, increasing 31.0% and 37.2% year on year.”