China’s new energy vehicle sales soar in November, and electric vehicles are popular among consumers
World’s largest market
China’s November sales of new energy vehicles jumped from a month-on-month basis, reversing the downward trend, and both rose sharply year-on-year. China is the world’s largest market for clean energy vehicles
Although overall vehicle sales have softened, China’s new energy vehicle sales in November jumped from the previous month, reversing the decline and rising sharply year-on-year; China is the world’s largest clean energy vehicle market.
The retail sales of new energy passenger vehicles including electric vehicles and plug-in hybrid vehicles reached 378,000 in November, an increase of 122.3% year-on-year and an increase of 19.8% month-on-month.
In the first 11 months of 2021, 2.807 million new energy passenger vehicles were wholesaled, a year-on-year increase of 190.2%. The Chinese car company BYD, which is backed by Buffett, performed particularly strongly. The total sales in November were basically equivalent to the sum of Tesla, NIO, Ideal Auto and Xiaopeng Auto.
Market driven
Cui Dongshu, secretary-general of the Travel Association, said that sales of new energy vehicles are quite strong. The popularization of electric vehicles no longer depends on government subsidies, but on market demand.
At the same time, Tesla’s overall sales in China in November fell 2.8% from the previous month to 52,859 vehicles. Of these, 21,127 vehicles were exported, and the rest were sold to the domestic market.
This is also in line with Tesla’s general law, that is, delivery to overseas is usually given priority in the first half of the quarter, and local delivery is increased in the second half of the quarter.
Cui Dongshu also said that the darkest period of chip shortages has passed, and the actual wholesale sales of new energy vehicles in 2021 may even exceed 3.3 million units.
Costs raising
However, he also pointed out that the prices of battery raw materials such as lithium, cobalt and nickel continue to rise, and electric car battery manufacturers are facing upward pressure, and said that due to chip or other restrictions,
China’s overall automobile industry has lost approximately US$14.5 billion in the first nine months.
According to data from the Passenger Federation, the retail sales of general passenger vehicles in November fell 12.5% year-on-year to 1.85 million, including cars, sport utility vehicles, utility vehicles and microbuses.
