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Ningbo's NEV sales surpass 5.6b yuan in Jan-Nov 2021

chinadaily.com.cn| Updated:  January 14, 2022 L M S

Retail sales of new energy vehicles (NEVs) in Ningbo, East China's Zhejiang province hit 5.61 billion yuan ($863 million) in the first 11 months of last year, up 164.1 percent year-on-year, official statistics from the Ningbo municipal bureau of statistics.

The growth rate was 152.8 percentage points higher than that of traditional fuel vehicles over the same period.

By virtue of technological advantages and good economic practicality, NEVs have gained an increasing popularity among local consumers. Sales in Ningbo accounted for 9.7 percent of the city's total automobile delivery volume from January to November, 2021.

Meanwhile, brand influence has continued to increase. Among the top five brands in the retail sales of NEVs, emerging brands such as Tesla, Nio, Krypton and Xiaopeng took up the top four. The combined retail sales of these brands exceeded the total of traditional brands.

In 2021, China delivered 3.521 million NEVs, the most in the world for the seventh consecutive years. Of these vehicles, 310,000 were exported.

The nation's move to cut subsidies on NEVs is likely to have an impact on the consumption of NEVs. The Ministry of Finance announced last year that subsidies for NEVs, such as electric cars, will be cut by 30 per cent in 2022.

Subsidies for NEVs in public transportation, environmental sanitation, postal services and logistics, and civil aviation airports, among others, will also be reduced by 20 percent compared to 2021.