China 2022-07-15T04:49:47+03:00
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China's NEV sales hit historic high in first seven months: MOC

China's NEV sales hit historic high in first seven months: MOC

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Auto, New energy vehicles
The new energy vehicles in China. Photo by Xinhua.
The new energy vehicles in China. Photo by Xinhua.

China's auto consumption has continued its stable recovery, with sales of new energy vehicles (NEVs) hitting a historic high in the first seven months of the year, according to the Ministry of Commerce (MOC), according to The Xinhua News Agency reports.

"In the January-July period, sales of NEVs in the country tripled from a year ago to near 1.48 million units, surpassing total NEV sales in 2020", – said the MOC.

"In July alone, NEV sales jumped 160% year on year to 271,000 units, hitting a monthly historic high", – the MOC added.

Auto manufacturers sold approximately 14.76 million vehicles in the first seven months of the year, up 19.3% year on year.

"However, sales in July dropped 11.9% year on year to over 1.86 million units, marking a third monthly contraction", – said the MOC.

The MOC has attributed the slowdown in total auto sales since May to the high base from the same period last year as well as a shortage of auto chips.

MOC data has also revealed that China's second-hand vehicle trading market experienced a boom in the first seven months.

Over 9.89 million second-hand vehicles were traded during the period, up 46% year on year.

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