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szdaily -> Business -> 
Car sales keep rebounding on strong demand for electric vehicles
    2022-08-10  08:53    Shenzhen Daily

CAR sales in China, the world’s biggest auto market, continued to recover in July as production was ramped up following earlier disruptions caused by COVID-19 lockdowns and authorities offered incentives to boost consumption.

Retail sales of passenger cars in China rose 20.4% from a year earlier to 1.82 million vehicles, the China Passenger Car Association said yesterday. Sales dropped 6.5% from June. July tends to be a slower month for car sales as the heat deters customers from going to stores, the association said.

Retail sales of new energy vehicles (NEVs), which include electric and plug-in hybrid cars, more than doubled from a year ago to 486,000 vehicles, the association said.

The association expects sales of electric vehicles (EVs) in China to hit a record 6 million this year, up from its previous estimate of 5.5 million, as consumers flock to cleaner cars.

The increased forecast represents a doubling from last year’s 2.99 million NEV sales, underscoring the dramatic growth in demand for cleaner cars in China, and the challenge for legacy automakers to adapt in a market that is rapidly going green.

The increased forecast of 6 million is still “relatively cautious,” the association said in a statement, adding it could be further increased at the start of the fourth quarter.

Tesla Inc. delivered 28,217 cars, with 8,461 going to the Chinese market and 19,756 exported, mostly to Europe and Asia. The sharp drop of 64% from June was mainly caused by production shutdowns to upgrade its Shanghai factory as part of a plan to double annual capacity to 1 million vehicles.

BYD Co., which earlier this year ended production of cars powered only by fossil fuels, earlier reported monthly sales of 162,530 units — both pure electric vehicles and plug-in hybrids.

While Tesla and BYD dominate EV sales, smaller startups are also making inroads as demand for clean cars surges.

Eight-year-old Hozon New Energy Automobile Co., which started by targeting customers outside big cities with budget cars, delivered 14,037 vehicles last month, including 1,382 to overseas markets. Leapmotor Technologies Ltd., which competes in the same price range as Hozon, shipped a record 12,044 cars.

Both outperformed bigger names Xpeng Inc., Li Auto Inc., and Nio Inc., although the three U.S.-listed companies all delivered more than 10,000 cars last month.

Honda Motor Co. said that sales in China surged 23.5% last month from a year earlier. Toyota Motor Corp.’s sales grew 6% and Nissan Motor Co.’s rose 4.6%.

The central and local governments have also taken steps to help the auto industry recover from COVID lockdowns and restrictions that crushed sales earlier this year. (SD-Agencies)

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