China's H1 NEV sales exceed 1.2 million units

China's new energy vehicle (NEV) sales from January to June were 1.206 million units, up 2 times year-over-year and 92.3 percent from the same period in 2019, according to data released by the China Association of Automobile Manufacturers (CAAM).

From January to June, China's NEV production was 1.125 million units, up 2 times year-over-year and 94.4 percent from the same period in 2019.

In June 2021, China's NEV production reached 248,000 units, up 14.3 percent from May, up 1.3 times year-over-year, with production setting a new all-time record for the month.

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Sales of NEV in China reached 256,000 units in June, up 17.7 percent from May and up 1.4 times year-over-year, setting a new historical record.

From January to June 2021, China's production and sales of pure electric vehicles exceeded one million units, and sales of plug-in hybrid vehicles exceeded 200,000 units.

According to data recently released by The Ministry of Public Security of the People's Republic of China, as of the end of June, China's NEV fleet reached 6.03 million units, accounting for 2.06 percent of the total number of vehicles.

Among them, there are 4.93 million pure electric vehicles, accounting for 81.68 percent of the total number of NEV.

In the first half of the year, 1.103 million NEVs were registered, an increase of 774,000 vehicles or 234.92 percent compared with the same period last year. NEV registrations accounted for 7.80 percent of new vehicle registrations.

CITIC Securities raised its forecast for China's NEV sales in 2021 to 2.83 million units from 2.49 million units, implying a 121 percent increase from 2020, in a research report released Thursday.

In the short term, China's NEV sales growth turned positive from the third quarter of 2020 and continues to grow at a high rate, with growth rates of 41 percent, 82 percent, 359 percent and 92 percent in the past four quarters, the report noted.

In the medium to long term, China's NEVs have crossed from subsidy-driven to market-driven and entered the "1 to N high growth" phase, the report said.