China's new energy vehicle sales growth rate sharply dropped to 5.1% in 2019, shows CPCA

China in 2019 saw a sharp fall in the growth of new energy vehicle sales, revealed the China Passenger Car Association (CPCA). The reason for this has been attributed to Beijing’s subsidy cut to wean the sector off government support.

On Thursday, January 9, CPCA data showed new energy passenger vehicle sales totalled at 1.06 million in China in 2019 in terms of wholesale volume, up 5.1 per cent from 2018.

In contrast to this, new energy passenger vehicle sales in 2018 had recorded a year-on-year increase of 88.5 per cent to 1.01 million units.

In December 2019, wholesale sales of new energy passenger vehicles in China soared 73.5 per cent month-on-month to 135,700 units, revealed CPCA. But year-on-year, the sales declined by 15.1 per cent.

China’s retail sales of passenger vehicles also recorded a decline in December for the sixth consecutive month. Dropping by 3.4 per cent year-on-year, the sales volume came in at 2.14 million units, showed CPCA data.

This brought domestic passenger vehicles’ retail sales down 7.4 per cent from a year ago to 20.7 million units in 2019.

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