China's January EV sales hit all-time high

China's new energy vehicle (NEV) sales rose for the seventh consecutive month in January, hitting an all-time high in monthly sales.

The country sold 179,000 NEVs in January, up by 238.5pc from a year earlier when the auto industry was severely hit by the outbreak of Covid-19, but down by 27.8pc from December, according to China's automotive manufacturers association.

Production totalled 194,000 units in January, up by 285.8pc on the year, but down by 17.8pc on the month.

The Chinese NEV market has been recovering from the impact of the Covid-19 pandemic since the second half of 2020, with a higher pace of recovery expected this year after the Chinese government took various measures to accelerate long-term NEV adoption.

China's state council has announced a development plan for the NEV industry during 2021-35, targeting a 20pc share of NEVs in the country's total vehicles sales by 2035.

Keener competition among NEV manufacturers has also boosted production and sales. Major Chinese carmakers have raised their sales guidances for 2021-25 in view of higher buying interest after the Covid-19 pandemic eased and on rising demand for NEVs.

Major Chinese NEV producer BYD reported higher production and sales of NEVs in January.

China&#39;s NEV production and sales Vehicle type Jan&#39;21 M-o-m &#177; % Y-o-y &#177; % Total production 194,000 -17.8 285.8 Pure-electric 166,000 -18.2 366.6 Plug-in hybrids 28,000 -13.6 92.4 Fuel-cell 29 -79.0 -80.0 Total sales 179,000.0 -27.8 238.5 Pure-electric 154,000 -27.0 287.8 Plug-in hybrids 29,000 -22.3 104.7 Fuel-cell 63 -38.2 -63.2 Source: CAAM

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