Electric Vehicle sales are at an all time high in certain corners of the world… British Columbia EV sales are booming. Yet, IS THERE trouble on the horizon for Electric Vehicle Sales? If the EV market in China is any indicator, perhaps there are issues.
A year ago, China’s electric vehicle sales grew 126%. Now they’re at 2%
The only bright spot in China’s auto market has hit the brakes.
Sales of new energy vehicles (NEVs) were only up 1.8% in May—or 104,000 units— compared with a year earlier, according to data released (link in Chinese) today by the government-backed China Association of Automobile Manufacturers. It’s the slowest growth rate since at least January last year, when China’s annual auto sales fell for the first time since the 1990s.
That’s a big change from May last year, when year-on-year sales rocketed to 126%.
Overall auto sales in May were down 16.4% to 1.91 million units—marking an 11th consecutive month of decline.
The numbers are adding to the unease around the already sluggish economy, which the government has responded to in recent months by rolling out a series of policies hoping to boost demand. In the last weeks alone, the National Development and Reform Commission, China’s state economy planner, has said it will remove purchase limits on NEVs, a category which includes battery electric cars and plug-in hybrids.
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A year ago, China’s electric vehicle sales grew 126%. Now they’re at 2%
The only bright spot in China’s auto market has hit the brakes. Sales of new energy vehicles (NEVs) were only up 1.8% in May-or 104,000 units- compared with a year earlier, according to data released (link in Chinese) today by the government-backed China Association of Automobile Manufacturers.
Monthly Plug-In EV Sales Scorecard: May 2019
We planned to begin reporting May 2019 EV Sales on Tuesday, June 4, 2019. However, some automakers released numbers ahead of the official date. We will continue updating the chart over the next few days. Editor’s Note: It’s important to note that the live scorecard updates may tend to lag depending on your device, settings, and browser.
Animation: U.S. Electric Vehicle Sales (2010-2019)
It’s challenging to get ahead, but it’s even harder to stay ahead. For companies looking to create a sustainable competitive advantage in a fast-moving, capital intensive, and nascent sector like manufacturing electric vehicles, this is a simple reality that must be accounted for.
Electric Models To Dominate Car Sales By 2040, Wiping Out 13m Barrels A Day Of Oil Demand
The switch to electric transport is a slow burn currently, but it is gathering pace and electric vehicles are set to make up more than half of passenger car sales within two decades, with four out of five buses also being electric. Sales of conventional vehicles may have already peaked, says BNEF.
