Asia Express - East Asian ICT
Sales of New Energy Vehicles in China to Top 1.5 Million in 2021
January 14, 2021

CPCA (China Passenger Car Association) recently announced that China sold 19.3 million passenger cars in 2020 and enjoyed 6.6% year-on-year growth in December 2020 alone, the Commercial Times reported on January 13. On top of that, CPCA also estimated that new energy vehicles, comprising mainly of EV (Electric Vehicle), plug-in hybrid and fuel-cell vehicles, will be a major market driver in China with estimated annual sales of 1.5 million new energy vehicles this year. Meanwhile, the CAAM (China Association of Automobile Manufacturers) expects passenger vehicles to top 21.7 million units in 2021 while commercial vehicles to reach 4.6 million units in China. The association also predicts China’s sales of new energy vehicles will reach 1.8 million units in 2021, representing a 40% year-on-year growth and marking the first growth year for such vehicles in the recent four years. By 2025, the sales is forecast to top 30 million units in China. The top 10 automakers, including VW Group, Honda, Ford, Toyota Daimler, BMW, FCA, PSA, Nissan, Hyundai & Kai, and GM predict their global sales of new energy vehicles will total 15 million, says Lucy Ho, senior industry analyst with MIC (Market Intelligence & Consulting Institute), a major government think tank and a leading IT research institute in Taiwan.