CAAM

China's auto industry is facing higher costs and a lack of consumer momentum, but production and sales of NEVs have continued their rapid growth, the CAAM said.

January sales of pure electric passenger cars were 335,000 units, up 127.3 percent year-on-year, while sales of plug-in hybrids were 85,000 units, up 198.3 percent year-on-year.

The official expects China's vehicle sales to reach 26.1 million units this year, up 3.1 percent year-on-year, and are expected to reach 27.5 million units next year, up 5.4 percent year-on-year.

China's NEV sales from January to November were 2.99 million units, up 166.8 percent year-on-year.

In the fourth quarter, Chinese automotive consumer demand remained stable, but uncertainty remained on the supply side, the CAAM said.

The forecast is safe because if NEV sales exceed 300,000 units in each of the remaining three months, sales will exceed 3 million units for the year.

Sales of pure electric vehicles reached 296,000 units, up 1.5 times year-on-year.

The trends presented by the two data are consistent most of the time, but sometimes they may be inconsistent or even differ.

China's NEV sales in August were 321,000 units, up 181.9 percent from a year ago and 18.6 percent from July.

In contrast, China's July auto sales declined 11.9 percent compared to the same month last year.