Automotive Author: EqualOcean News, Yiru Qian Jan 11, 2022 05:42 PM (GMT+8)

The cumulative sales of new energy vehicles in China in 2021 totalled 2.99 million, increasing 169% from 2020.

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On 11 January, The China Passenger Car Association (CPCA) announced the latest monthly data for the passenger car market.

It shows that, in December 2021, the retail sales of the narrow passenger car market achieved 2.105 million units, increasing by 27.2% month-to-month, although it turned out to be a negative 7.9% when compared with the same period of the previous year.

In terms of the electric vehicle market, the retail sales reached 475,000 units in December, rising by 128.8% year-on-year and 25.4% month-to-month. Specifically speaking, there were 14 companies whose wholesale sales witnessed a significant increase from the previous period, where BYD (1211:HK) (93,338 units), Tesla China (TSLA:NASDAQ) (70,847 units) and SAIC-GM-Wuling (0305:HK) (60,372 units) are the top three players. 

CPCA expects the passenger car market to be better due to customers' relatively strong willingness to purchase before Chinese Spring Festival. In the meantime, as domestic consumer acceptance of New Energy Vehicles (NEV) increases and policy subsidies stabilise, it will certainly drive China's total new energy vehicle sales to soar by 2022, continuing its superb leadership position with a share of over 50% globally.