EV sales in China increased 85% YoY in March 2018

EV sales in China increased 85% YoY in March 2018

According to the latest electric vehicle (EV) sales report for China for the month of March 2018, the number of EVs sold in the country during the month touched a total of 59,000 units; thereby marking a noteworthy 85% year-on-year increase as compared to the EV sales figures for the same month in 2017. Chinese market is growing fast and the number of automobile companies targeting Chinese customers has increased recently.

The reported increase in EV sales in China in March 2018 is quite significant, especially because the months of January and February marked the usual off-season for EV sales in the country.

As a result of the 85% year-on-year increase in EV sales in China in March, the overall EV sales figures in the country for the 2018 first-quarter reached more than 122,000 units. The mentioned figures underscore a two-fold increase over the EV sales recorded in the country during the same quarter last year.

So far as the share of the plug-in electric vehicles (PEVs) in the total number of EVs sold is concerned, the latest figures show that the PEV share has increased to 1.8%. It is further likely to cross the 3% threshold for the year as a whole, because PEV sales will apparently witness a significant increase in the remaining months of the year.

Finally, the Chinese OEMs accounted for approximately 40% of all PEV registrations worldwide in March 2018. The mentioned number is expected to soar in the coming months, and may even exceed its record-high of 46% achieved in 2017.

With Chinese government’s push for higher acceptance of electric vehicles, the Asian economic powerhouse will surely lead the world in terms of total number of EVs sold. Automobile companies are closely watching Chinese market and automobile industry experts are confident that the strong charging network will further help the market in China.