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June 21, 2021

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China NEV sales soar

China’s new energy vehicle ownership reached 5.8 million units by late May, accounting for about half of the global total, an industry forum said.

The country’s NEV sales reached 950,000 units in the first five months of 2021, 2.2 times that of the same period last year, according to data released by the China Association of Automobile Manufacturers at the China Auto Forum in Shanghai.

The NEV market penetration rate has hit 8.7 percent, maintaining strong growth momentum.

The growth rate of electric vehicle production and sales in the next five years is expected to remain above 40 percent, according to a forecast by the CAAM.


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