Key Allies China analysis on NEV market in February 2021

NEV (New Energy Vehicles) monthly sales data and market analysis

2021/03/26

NEV (New Energy Vehicle) Industry Analysis

 This report is based on the “New Energy Vehicle (NEV) (electric vehicles [EVs], plug-in hybrid vehicles [PHVs], and fuel cell vehicles [FCVs]) Industry Research Report” prepared by the Chinese consulting firm Key Allies; the report was edited and translated by MarkLines.

Related reports:

Key Allies China analysis on NEV market in January 2021(March 2021)
Key Allies China analysis on NEV market in December 2020January 2021
Key Allies China analysis on NEV market in November 2020December 2020

Table 1) NEV sales volume (thousand units) Table 2) NEV sales share by vehicle type
Table 3) NEV monthly sales volume (thousand units)

Source: China Association of Automobile Manufacturers (CAAM)

 According to statistics of the China Association of Automobile Manufacturers (CAAM), sales of New Energy Vehicles in February 2021 rose 743.2% year-over-year (y/y) to 110,000 units, once again setting a monthly sales record for the same month in the last three years. Compared to January 2021, February sales were down 38.6%.

 The total sales volume for January and February was 288,000 units. This is a 319.8% increase over the same period of the previous year. The ratio of sales to production for the two-month period is 91.0%, indicating that demand is not keeping pace with supply.

 By vehicle type, New Energy Passenger Cars are growing rapidly, and their sales proportion continues to expand. As for buses, large orders increased after the Chinese New Year, and the proportion of New Energy Buses increased by 10 points. Sales of New Energy Trucks, on the other hand, have been sluggish.