Observers expect the company to achieve annual sales of 1.5 million units
Shenzhen-based automaker BYD sold 91,078 vehicles in February with year on year (YoY) growth of 335%. GAC Group sold 143,464 vehicles, up 36.5% YoY, according to the data compiled by the China Association of Automobile Manufacturers.
Even as China's NEV sector grappled with the effect of dwindling subsidies and rising prices of models, the sales momentum of NEVs remains relatively strong.
According to information disclosed by the automakers, the EV sales of BYD and GAC Aion grew 752.56% and 162.82%, respectively, year on year. Aion is an EV brand affiliated with GAC Group.
During an interview with Securities Times, a business newspaper, Wu Qi, executive president of Wuxi Digital Economy Research Institute, said that skyrocketing sales defied unfavorable factors, indicating that consumers increasingly accept new energy vehicles.
“The market’s dependence on supportive policies has declined,” said Wu. “And demand is less stimulated by subsidies.”
XPeng, Li Auto, Nio and NETA, together known as China's EV-making “new force,” sold 6,225, 8,414, 6,131 and 7,117 new energy vehicles, respectively, with year-on-year growth of 180.03%, 265.83%, 9.91% and 255%.
The strong consumer demand appears to be fueling surging sales of NEVs even after the price hikes, says Cui Dongshu, secretary-general of the China Passenger Car Association.