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China’s New Energy Vehicle Surge
With global concerns over green house gasses and climate change, finding solutions to the main causes of pollution has taken over the car industry over the past several years. Electric cars have been on the market for years, but their sales have failed to take off. However, this May has proven to be a very successful month for the new energy vehicle (NEV) market. What caused this increase in both production and sales of NEV’s?
May of 2017 proved to be a very successful month in the new energy vehicle market. This month 51,000 NEV’s were produced which is up 38.2 percent compared to last year. What is even more shocking than the increase in production is the increase in sales. A total of 45,000 NEV’s were sold, this is a 28.4 percent spike compared to last may. Local auto-manufacturers such as BYD and BAIC Motor Corporation saw such a boost in sales, that their sales rivaled better known competitors such as Tesla. Tesla has been the leading competitor in the industry for the last several years. Overall last year China sold roughly 507,000 new energy vehicles. This is up 53% from the year before, and is the largest NEV market in the world. This increase in sales had no effect in total number of vehicles sold. The total number of vehicles sold this May compared to last may stayed relatively consistant. So why was there such an increase in NEV production and sales?
