Car Sales With Insurance Fell Sharply, and Sales Increasingly Concentrated In Major Producers Amid Weak Market

SHANGHAI, Mar 16 (SMM) - According to statistics, 270,000 units of new energy passenger vehicles were insured in January, a decrease of 13% from 310,000 units in the same period last year, and a sharp drop of 62% from December 2022.

In terms of fuel types, 182,000 units of pure electric vehicles were insured, accounting for 67% of the total, down 65% month-on-month and 24% year-on-year; 89,000 units of plug-in hybrid vehicles were insured, up 24% year-on-year and down 52% month-on-month accounting for 33%.

The sharp decline in new energy vehicle insurance data in January was generally in line with expectations. The withdrawal of state NEV subsidies stimulated the demand and sales in Q4 last year, and thus the sales in January were naturally lower. Meanwhile, the wait-and-see sentiment in the downstream market caused by repeated price cuts of some car companies at the beginning of the year also triggered a sharp drop in terminal demand in January and a decline in insured car sales.