As expected, after 12-months of decline (since June 2019 when incentives were lowered), plug-in electric car sales in China, finally noted year-over-year improvement.
In July, close to 95,000 passenger plug-in electric cars were sold, which is 48% more than a year ago, and the new highest level this year. Not bad, considering that the overall car market in China increased by “just” 9%.
The growth is mostly a result of BEVs surging by 65% year-over-year to about 75,000, as PHEVs increased just 5% to about 20,000. The market share amounted to 5.7% (including 4.5% for BEVs).
After seven months, some 460,000 plug-in cars were sold. The average market share is 4.8% (3.8% for BEVs), which is however noticeably lower than 5.5% at this point in 2019.
The Tesla Model 3 remains the top-selling EV in China with 11,575 units in July and 59,140 YTD, however, a big-small newcomer emerged.
The key advantage of the Hong Guang MINI EV is an effective price (after incentives) between RMB 28,800 and RMB 38,800 ($4,104-$5,529), which is attractive for the entry-level transportation tool.
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