(Yicai Global) April 7 -- Sales of new energy vehicles in China surged further last month and in the first quarter, according to figures released by Chinese automakers, despite them raising vehicle prices since the start of the year.
Shenzhen-based BYD saw NEV sales surge 333 percent to a record 104,878 units last month from a year earlier, bringing the first-quarter total to 286,329, a 423 percent year-on-year gain.
Meanwhile, Leapmotor Technology clocked the fastest pace of sales growth among carmakers that have disclosed data, popping 909 percent in March from a year ago to 10,059.
NEV startups Xpeng, Li Auto and Hozon New Energy Automobile sold more than 10,000 cars each last month and over 30,000 in the quarter ended March 31. Nio’s sales jumped 38 percent to 9,985 in March, while the first quarter was up 29 percent from a year earlier to 25,768.
Chongqing-based Sokon Industry, which works with telecoms giant Huawei Technologies on smart electric cars, sold 7,451 NEVs last month, up 165 percent on the year. Its first-quarter sales totaled 14,200, up 207 percent on the year.
More than 20 carmakers have raised the prices on 60 NEV models due to the surging cost of lithium-ion battery raw materials and lower government subsidies on NEVs.
The impact of higher prices and the resurgence of Covid-19 in China are expected to be felt in May and June’s NEV sales figures to some extent, Orient Securities said in a research note.
But the brokerage is still optimistic about the sustained recovery of NEV sales in the second half as price hikes will not impact demand in the medium-to-long run. That is because car buying is expected to largely shift to electric vehicles amid fossil fuel price rises, model upgrades, and consumer acceptance, it added.
Editor: Emmi Laine, Xiao Yi
