The Chinese Ministry of Industry and Information Technology estimates that 1.7 million new energy vehicles (NEVs) were sold in the world’s largest auto market in the first eight months of this year. For comparison, NEV sales in the same period last year were 600,000 units. To be clear, the NEV category includes battery electric vehicles, plug-in hybrid vehicles, and hydrogen fuel cell vehicles.
NEV makers such as Nio, BYD and Tesla are expanding manufacturing capacity in China, aided by government action to stimulate demand for cleaner vehicles to reduce pollution.
Total vehicle sales between January and August are estimated at more than 16 million units, which is about 10% more than in 2020. The limiting factor for market growth remains the global shortage of chips for automotive electronics.
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