China EVs Still Soaring

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China’s electric vehicle (EV) sales continued their yearlong record-breaking momentum to hit 217,000 units in May, surging by 160% year on year, according to data from the China Association of Automobile Manufacturers. This is the 12th straight month that sales have hit record highs. All-electric battery EVs accounted for over 80% of sales, with the remainder being mostly plug-in hybrid models. The robust EV market contrasted with a 3.1% year-on-year decline in automobile sales across all categories. Based on May figures, EV sales penetration has breached the 10% mark, while the average penetration over January-May was 8.7%. Exports of China-made EVs in May also posted a stunning growth rate of over 800%, although in absolute terms this amounted to only 19,000 units (NE Jun.10'21).

Electric Vehicles
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