Tesla Leads the Pack as NEVs Eat Up Shanghai's Traditional Auto Market
Shanghai's auto industry is gradually overcoming the impact of COVID-19 in 1H 2020 with NEV's outperforming traditional combustion engine vehicles.
The number of Shanghai-registered vehicles reached 4,356,500 by the end of June 2020, of which 251,000 were new energy vehicles, an increase of 15.92% year-on-year and 6.47% higher than the national growth rate of NEV's (9.45%).
Driven by Tesla's stable production, the production of NEV's in 1H 2020 was 70,400, a year-on-year increase of 126.9%, while the national production during the same period was recorded 397,000, a year-on-year decrease of 36.5%. As a NEV-maker in Shanghai's emerging industry, Tesla's output value increased by 95.7% in the first half of the year, an increase of 90.0% from the first quarter, and 90.2% higher than the city's industrial strategic emerging industry output value growth rate (5.5%).
Shanghai's NEV ownership and production growth rate both clearly outperformed the national market, becoming the biggest highlight of Shanghai's automobile manufacturing.
Other than that as we know the unprecedented outbreak of COVID-19 caused a serious decline in the operating indicators of Shanghai's automobile manufacturing industry. With the accelerated resumption of work and production, business conditions have improved each month. The main indicators have achieved monthly growth for three consecutive months, narrowing the cumulative decline.