Sales of electric vehicles in China are likely to double this year, with Chinese EV makers sidestepping chips and parts shortages and getting creative around charging.
That’s from analysts at Deutsche Bank in a note Monday highlighting June sales of what they called the “Fab Four” Chinese EV makers, Nio Inc. XPeng Inc. Li Auto Inc. and privately held WM Motor Technology Group Co. Ltd.
Citing statistics from the China Association of Automobile Manufacturers, the analysts said that EV sales, including battery-powered and plug-in hybrids, represented between 14% and 15% of the overall sales mix for the month.
“With the strong start (year to date) and our belief that adoption will accelerate as the year progresses, helped by introduction of new compelling models, we forecast (battery electric vehicle) sales doubling to over 2.0m units in 2021 and (new-energy vehicle) sales of 2.5m,” equivalent to more than 10% of the overall sales mix, the analysts said.
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