Alternative fueled vehicles increased more than 2.2 folds in monthly production in July compared with the same period of last year, and the monthly sales jumped 3.3 folds in July on a year-on-year basis. And the accumulative production and sales quantity lifted 2.5 folds and 2.6 folds from January to July compared with the same period of last year. The fast growth in the alternative fueled vehicles has driven the development of related upstream industry, like battery producing.
In July, the monthly production volume is 19,307 units and the sales volume is 16,884 units, respectively 2.2 folds and 3.3 folds jump compared with the same period of the year. In specific, pure EV’s July production and sales increased 1.7 folds and 3.3 folds from a year earlier to 11,252 units and 8,970 units. Plug-in hybrid EV witnessed both 3.4 folds growth in July production and sales up to 8,055 units and 7,914 units.
The July sales growth of alternative fueled vehicles exceeded the expectation of the market. Once the auto industry sees in the on-season for sales and production later this year, the average monthly production is expected to reach 20,000 to 25,000 units making the overall annual production expectation up to 200,000 units, according to a professional analysis.
With continual support of the government subsidy, the industry will enjoy a brighter future. The related upstream industries like Lithium Carbonate will usher in a increasing demand and higher price. Chinese Lithium Carbonate market scale has reached around 10 billion CNY in 2014, and doubled in 2015, and will triple in 2016.
