CAAM Forecasts 30% EV Sales Growth Rate in 2019
COVID-19 and China
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Jan 14/EqualOcean/ - According to EOAuto, CAAM released the data on car production and sales in 2018, 27.8 million units and 28.08 million units, respectively. Compared to the figures in 2017, registering a decrease of 4.2% and 2.8%. Among all the cars, the production and sales of Electric Vehicles were 1.27 million and 1.256 million, respectively, an increase of 59.9% and 61.7% over the same period of the previous year.

CAAM (China Association of Automobile Manufacturers) is based in Beijing, established in May 1987, a NTO formed by companies in car and parts manufacturing and selling, approved by Ministry of Civil Affairs of the People's Republic of China.

At the same time, the CAAM also predicted that China's automobile sales in 2019 will be 28.1 million units, which is approximately the same level as 2018. Among them, passenger car sale is expected to be around 23.7 million units, which is very similar to the number in 2018; commercial vehicles are expected to sell around 4.4 million units, an increase of about 1%.

In addition, the CAAM expects to sell about 1.6 million new Electric Vehicles in 2019, an increase of about 30% year-on-year. Automobile exports are expected to reach about 1 million units, which remains basically the same level as in 2018.

The sales forecast reaffirmed the estimation from many EV manufacturers and the general public, that alternative fuel vehicles are the direction for the future in China. EV manufacturers are holding forums like EV100, discuss on development strategy and plans; more and more traditional car manufacturers are making huge efforts to promote their brand new EV models; CAAM is releasing positive forecast of the industry. All these are signifying that 2019 would be an interesting year to watch for the EV industry when the strong performers are gradually dominating more market share, while the underdogs fail to continue their survival stories.

It is also worthwhile to be noted that the EV sales growth rate in CAAM's estimation is declining quite significantly of almost 30% compared to the figure last year, which reflects the industry is not very confident of its development if the government's subsidy policies gradually back out, which represents the industry has realized as the government's subsidies weakening, the industry will find less momentum compared to the status quo, which requires EV manufacturers to get well prepared in advance for the change. 

*Contributor: EOAuto

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