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Big deal! CAAC downgrades new energy vehicle sales forecast for 2019
Jul 25,2019 15:44CST
translation
Source:SMM
The China Association of Automobile Manufacturers has cut its forecast for car sales in 2019 at the start of the year as the market underperformed expectations in the first half of the year. After a reassessment, the CAAC expects full-year car sales to be about 26.68 million in 2019, down 5 per cent from a year earlier. The new energy vehicle part, according to the CAAC forecast, is expected to sell about 1.5 million new energy vehicles in 2019, an increase of about 19.4 percent from a year earlier, but lower than the previous forecast of 1.6 million vehicles.
The content below was translated by Tencent automatically for reference.

SMM7 25 news: the China Association of Automobile Industries recently cut its forecast for car sales in 2019 at the beginning of the year because of the lower-than-expected market performance in the first half of the year. After a reassessment, the CAAC expects full-year car sales to be about 26.68 million in 2019, down 5 per cent from a year earlier. The new energy vehicle part, according to the CAAC forecast, is expected to sell about 1.5 million new energy vehicles in 2019, an increase of about 19.4 percent from a year earlier, but lower than the previous forecast of 1.6 million vehicles.

Sales of new energy vehicles were 617000 in the January-June period, up 49.6 per cent from a year earlier, but well below the 111.6 per cent increase in the same period last year, according to data released by the CAAC. In terms of category, new energy passenger vehicles are still the mainstream products, with sales totaling 563000 in the first half of the year, up 58.7 per cent from a year earlier, while sales of new energy commercial vehicles were 54000, down 6.6 per cent from a year earlier.

From the overall market share of various categories, the sales share of new energy passenger vehicles is still increasing in the first half of 2019, but the share of new energy commercial vehicles has shrunk significantly. The main reason is that the overall bus market is depressed, affecting the sales of new energy passenger cars. The subsidy retreat will have a far-reaching impact on the industry.

Its previous forecasts were 23.6 million passenger vehicles, the same as 2018; 4.4 million commercial vehicles, up 1 per cent; and 1.6 million new energy vehicles, up 33 per cent.

This means that China's car sales will again show negative year-on-year growth in 2019, and the decline is higher than in 2018!

The data show that in the first half of 2019, the situation of China's automobile industry was very poor, with a total sales of 12.323 million vehicles, down 12.4 percent from the same period last year. Of these, passenger car sales were 10.127 million, down 14 per cent from a year earlier, and commercial vehicle sales were 2.196 million, down 4.1 per cent from a year earlier.

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