China’s EV sales rose for the second consecutive month as market recovery continues

BEIJING (Reuters) – New energy vehicle (NEV) sales in China rose 26% to 109,000 units in August for the second consecutive month in August, a promising sign for automakers in the world’s largest market for electric vehicles Has invested heavily. EVS).

FILE PHOTO: Newly built cars were spotted at a port on April 10, 2020 in Dalian, Liaoning Province, China.

The China Association of Automobile Manufacturers (CAAM) reported on Thursday that NEV sales were likely to reach 1.1 million vehicles for the full year, down about 11% from the previous year.

The NEV includes battery powered electricity, plug-in gasoline-electric hybrids and hydrogen fuel cell vehicles.

“Sales rebound was fueled by rural NEV sales promotion events and the support of local governments,” said CHAM senior officer Chen Shihua.

EV manufacturer house-to-house (from Nio Inc)NIO.NXPEV.N (American leader Tesla Inc.) and Xpeng Inc.TSLA.O) Are expanding manufacturing capacity in China, where the government heavily promotes greener vehicles as a means of reducing chronic air pollution.

“In August, GM-local enterprise and Tesla’s Model 3 had a new car as the new Mini EV model,” said senior LMC automotive analyst Alan Kang. “Sales at EV startups like Nio and Xpeng were steady.”

NEV sales will be around August in the coming months, Kang said.

China’s overall auto sales in August rose 11.6% to 2.19 million vehicles from the same month a year earlier, as it is China’s fifth consecutive month as China incurred losses during the coronovirus lockdown in the first few months of the year.

CAAM said sales for the first eight months of the year at 14.55 million vehicles were still down 9.7%.

Sales of trucks and other commercial vehicles, which constitute about a quarter of the market, grew 41.6%, driven by government investment in infrastructure and advanced to comply with tougher emission regulations for buyers.

Sales of passenger vehicles grew 6%.

Jelly Automobile Holdings Limited (one of the vehicle manufacturers reporting an increase in sales in August)0175.HK) And Toyota Motor Corp ()7203.T). Main Local Joint Venture of Nissan Motor Company Limited (7201.T) And General Motors Co ()GM.N), However, saw a sales slide last month.

Reporting by Yeli Sun and Brenda Goh; Editing by Christopher Cushing

Our standard:Thomson Reuters Trust Theory.

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