NEV sales increased YoY for seven consecutive months, showing a good recovery momentum

SHANGHAI, Feb 23 (SMM) – According to the data from China Association of Automobile Manufacturers, the production and sales of new energy vehicles in January stood at 194,000 units and 179,000 units, which were 17.8% and 27.8% lower from December last year, but increased over 2.5 times compared with the same period of last year, up 285.8% and 238.5% respectively. It broke the sales record of the current month for seven consecutive months.

This month's YoY growth was partly due to the early CNY in 2020, short production and sales period, and limited supply and demand affected by the COVID-19, but this data can still explain the current high downstream demand.