China EV Sales to Pass 3 Million

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The Chinese EV market looks set to more than double in size in 2021, with cumulative sales for the first 11 months already at 2.99 million units for a 170% year-on-year increase. The January-November sales performance for 2021 also exceeded by far the 2020 full-year figure of 1.37 million units, latest data from the China Association of Automobile Manufacturers (CAAM) show. Monthly EV sales have been scaling new heights for most of this year, roaring to a fresh record of 450,000 units in November. At this rate, full-year EV sales for 2021 are set to edge close to or even hit 3.5 million units for a year-on-year surge of around 150%. The strength in EVs contrasted with a lackluster market for conventional oil-powered vehicles, which posted a 9% year-on-year decline in November and only managed a 4.5% rise cumulatively over the first 11 months. EV penetration, or sales as a percentage of total national auto sales, have hit 17.8% for November, averaging at 12.7% for the first 11 months.

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