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NEV sales declined MoM in January partly because new car models caused delays in demand, but rose YoY

iconMar 2, 2021 11:29
Source:SMM
Sales of new energy passenger vehicles with Compulsory Traffic Insurance were 146,000 units in January, a drop of 48.6% month on month, but up 237% year on year.

SHANGHAI, Mar 2 (SMM) — Sales of new energy passenger vehicles with Compulsory Traffic Insurance were 146,000 units in January, a drop of 48.6% month on month, but up 237% year on year. The month-on-month decline is because consumers scrambled to buy cars in December 2020 before policy incentives were cancelled. For example, NEVs subsidies were reduced by 20%. The year-on-year increase was due to the negative impact of CNY and COVID-19 on production and sales in January 2020.

All of the auto makers who ranked the top 10 in terms of sales reported sharp decline in their sales. Among them, SAIC-GM-Wuling was the only auto company whose sales exceeded 30,000 units. BYD is about to launch the new models of Qin and Tang in March. Tesla released a new model Model Y at the beginning of the year. However, as capacity is still in the ramp-up stage, their delivery is limited, causing consumer demand to be delayed.

NEV

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