NEVs have highest sales growth among segments in China in May
The NEV segment witnessed the highest sales growth rate among vehicle segments in China during May, although the volume of sales in this segment remained a small fraction (4.5%) of sales in the ICE segment. The increase in NEV sales stems from the fact that carmakers in China are increasingly introducing and pushing the sales of their NEV models in the country after the Ministry of Industry and Information Technology (MIIT) announced that they will need to meet NEV quotas from 2019. Moreover, the growing network of charging stations in the country is driving Chinese customers towards buying NEVs. Recently, the car-hailing company Didi Chuxing (DiDi) announced that it plans to have 10 million EVs on its platforms by 2028. According to IHS Markit's alternative propulsion forecast, the annual production volume of NEVs in China will rise to 869,549 million units in 2018, up 45.9% y/y from 2017's level, and will reach 2.16 million units by 2020 and 5.55 million units by 2025. Looking at the strong growth opportunities in the NEV segment, General Motors (GM) has announced a plan to launch 20 NEV models in China by 2023. The automaker is on track to launch sales of 10 NEVs in China between 2016 and 2020 and will introduce 10 additional NEV models in the country from 2021 to 2023.
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