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In the first half of 2017, the sales data of new energy vehicles will be less than 1/4 of the annual target
According to the latest statistics released by the China Association of Automobile Manufacturers (CAAM) on July 11, the production and sales of new energy vehicles (NEVs) in China reached 65,000 and 59,000 units respectively in June 2017, marking year-on-year increases of 43.4% and 33%. For the first six months of 2017, the cumulative production and sales of NEVs amounted to 212,000 and 195,000 units respectively, representing year-on-year growth rates of 19.7% and 14.4%.
Breaking down the sales figures, passenger vehicles accounted for the majority of the sales in June, with 43,000 units sold, including 33,000 pure electric passenger cars and 10,000 plug-in hybrid passenger cars. Meanwhile, commercial vehicles sold 16,000 units, out of which 15,000 were electric commercial vehicles and 1,000 were plug-in hybrid commercial vehicles. In the first half of 2017, the cumulative sales of passenger vehicles totaled 164,000 units, while commercial vehicles accumulated 31,000 units.
In 2016, despite the conclusion of the subsidy policies at the end of the year, China's NEV market still achieved significant milestones, producing 517,000 vehicles and selling 507,000 units. Xu Yanhua, Deputy Secretary-General of CAAM, had previously expressed optimism in media interviews, predicting that China's NEV sales could reach 800,000 units in 2017. However, with the first-half sales totaling 195,000 units, achieving the annual goal now seems challenging, as it would require approximately four times the current volume in the remaining six months.
The mid-year evaluation of China's 2017 NEV market indicates solid year-on-year growth but falls short of expectations for the full year. In December 2016, the market witnessed a peak of 104,000 unit sales following the expiration of subsidies, which spurred consumer spending. In contrast, 2017 has seen a more stable growth trajectory, reflecting the maturation of the NEV sector after several incidents involving fraudulent compensation practices.
China remains steadfast in its commitment to the new energy vehicle industry. Vice Premier Ma Kai emphasized the importance of coordination and innovation during the recent promotion conference, underscoring the government's unwavering support for this national strategy. As we move into the second half of the year, while policy support will continue to play a crucial role, automakers must take the lead in driving sales. Additionally, improvements in infrastructure and complementary systems remain essential to sustaining growth.
Despite the challenges ahead, the NEV industry in China continues to gain momentum, with increasing public acceptance and technological advancements paving the way for future success. The coming months will undoubtedly reveal how effectively these factors can drive the market toward its ambitious targets.