China on pace to hit ‘One Million’ milestone in annual EV sales

China on pace to hit ‘One Million’ milestone in annual EV sales

According to latest reports and market data, the annual sales of electric vehicles (EVs) in China appear to be on pace to hit a new milestone this year --- one million units. Chinese government has been aggressively promoting electric vehicles with subsidies and restriction on registration of conventional vehicles.

The projections for China to hit the ‘one million’ mark potentially in terms of annual EV sales are based on the fact that the demand for EVs in the country has been on a notable rise thus far in 2018. The surge in demand for EVs this year has come in coincidence with the efforts Chinese authorities to ramp EV sales in the country, with the US government mulling a roll back of fuel efficiency standards. Automobile companies have planned strong vehicle launches for Chinese market.

To drive up the sales of EVs in China, the government has been pushing incentives and clamping down on traditional cars. With China roughly accounting for nearly 50% of all worldwide sales of EVs in the 2018 first quarter, the Chinese government is apparently endeavouring to achieve its target of ‘2 million’ in EV sales in the year 2020.

The latest EV sales figures for China show that during the period between January and April 2018, a total of 225,310 EVs were sold in China; with the figures underscoring a significant 149% year-on-year increase in EV sales in the country.

Overall, the total sales of vehicles in China during the January-April 2018 period touched 9.5 million units, thereby marking an approximately 5% year-on-year increase.