China Sold 990,700 units of NEVs in H1, the Automobile Market is Highly Concentrated

SHANGHAI, Aug 19 (SMM) - Sales of NEVs in China stood at 990,700 units in H1 2021, up 231% year on year and 12% from H2 2020, setting a new quarterly record.

The overall sales rebounded from less than 300,000 units in H1 2020 and have risen for two consecutive quarters due to policy stimulus, accelerated development of car companies and the decline in prices of finished cars.

Most car companies reported sales increase in H1.

Sales of SAIC-GM-Wuling, Tesla and BYD stood at 175,300, 131,800 and 128,800 units, respectively, up 20%, 43% and 31% from H2 2020.

They have all demonstrated outstanding price-performance ratio and brand appeal.

CR3 accounted for 44% of the total, evidencing high market concentration. In addition, BAIC New Energy’s sales were bearish, with only 22,100 units sold, down 32.1%, on the back of the decline in subsidies and frequent quality problems.