China’s new energy vehicle (NEV) sector witnessed impressive growth in both production and sales during February, according to industry data released on Tuesday.
NEV production saw a significant year-on-year increase of 91.5 percent, reaching 888,000 units last month, as per statistics from the China Association of Automobile Manufacturers (CAAM).
Similarly, NEV sales experienced a strong surge of 87.1 percent compared to the previous year, totaling 892,000 units in February. These sales accounted for 41.9 percent of all new vehicle sales for the month, highlighting the growing prominence of NEVs in the market.
Further supporting the sector’s expansion, China introduced a dedicated NEV insurance platform on January 25, which had already covered 114,000 vehicles by February 25. The initiative aligns with efforts to address industry challenges and strengthen consumer confidence in NEVs.
According to Chen Shihua, deputy secretary-general of CAAM, China’s auto industry is expected to maintain steady growth, driven by policies promoting consumption, including a trade-in program for consumer goods.
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