China's new energy vehicle sales double
Compared to November 2016, China’s vehicle sales in November rose 0.7 per cent to 2.96 million vehicles, making it the sixth consecutive month of gains, according to data from the China Association of Automobile Manufacturers (CAAM).
Posted on 11 December, 2017
According to CAAM, sales of new-energy vehicles (NEV) in November rose 83 per cent from a year earlier to about 119,000 vehicles.
NEVs refer to all-electric battery vehicles and plug-in petrol-electric hybrids.
While November marked a sixth consecutive month of gains, one of the CAAM officials said China’s auto sales are set to grow “no more than 4 percent” this year, weaker than the 5 percent annual growth forecast at the outset of the year.
Sales of new-energy vehicles (NEV), meanwhile, rose 83 per cent in November from a year earlier to about 119,000 vehicles amid a government push to support the sector and shift away from traditional petrol-engine cars in the long term.
NEV sales in the January-November period totalled 609,000 vehicles, up 51.4 per cent from the same period a year ago.
China’s policymakers have set strict production and sales quotas for NEVs which automakers must meet starting in 2019, a move that is prompting an increase in electric car deals and new launches of electric and hybrid models as firms ensure they do not fall short.
Furthermore, Chinese banking authorities announced new loan policies to allow buyers of new-energy vehicles to borrow a larger portion of the purchase price.
Starting in 2018, NEV buyers can borrow up to 85 per cent of the cost from banks, up from the previous 80 per cent.
