Broader New Energy Vehicle market (including buses/trucks) in China is on at the bend.
According to the China Association of Automobile Manufacturers (CAAM), the total NEV (cars, buses, commercial vehicles) production and sales in August amounted to 87,000 (down 12.1% year-over-year) and 85,000 (down 15.8% year-over-year) respectively. Especially plug-in hybrids (that were in the small minority anyway) are going down without subsidies:
- BEVs: production of 74,000 (up 2.2%) and sales of 69,000 (down 6.0%)
- PHEVs: production of 14,000 (up 49.8%) and sales of 16,000 (down 41.3%)
Thanks to positive results during the first six months, numbers for the first eight months of 2019 are still healthy:
- Total NEVs: production of 799,000 (up 31.6%) and sales of 793,000 (up 32.0%)
- BEVs: production of 643,000 (up 41.4%) and sales of 629,000 (up 40.8%)
- PHEVs: production of 155,000 (up 1.6%) and sales of 163,000 (up 5.7%)
- FCVs: production of 1,194 (up 7.0 times) and sales of 1,125 (up 7.3 times)
The question is, whether China will manage to maintain the growth of sales in 2019?
Interestingly, the hydrogen fuel cell vehicles experience quick growth from a very low base and already reached four-digits. Not much compared to millions of plug-ins, but at least CAAM sees those on the radar.