SHANGHAI, Apr 12 (SMM) – China’s sales of new-energy vehicles (NEV) in the first quarter of 2018 more than doubled year on year as demand grew, according to China Association of Automobile Manufacturers (CAAM).
From January to March, sales of NEVs stood at 143,000 units. This is up 154% from the first quarter of 2017. Output for January-March 2018 stood at 150,000 units, up 157% year on year.
Industry participants believe that 2018 is a turning point for NEVs in China as production would shift from a reliance on government subsidies to actual market demand, according to a Shanghai Securities News report.
China’s total automobile output in the first quarter stood at 7.02 million units, down 1.4% year on year. Sales volumes hit 7.18 million units, up 2.8% from the same period last year.
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