NEV Production, Sales Down Over 30% This Year, Says China's Industry and IT Ministry
Yicai Global
/SOURCE : Yicai
NEV Production, Sales Down Over 30% This Year, Says China's Industry and IT Ministry

(Yicai Global) March 15 -- As the government has failed to finalize this year's new energy vehicle (NEV) subsidy policy, China's NEV production and sales have both declined substantially since this year's start.

China's NEV production and sales both registered 25,000 in the first two months, down 33.5 and 30.5 annual percentage points, respectively, the latest data China's Ministry of Industry and Information Technology (MIIT) issued yesterday shows.

February production and sales were both 18,000, a respective increase of 15.5 percent and 30.3 percent, respectively.

China's economic data at the beginning of a year is largely affected by the Lunar New Year (Spring Festival) period, before or after which many economic activities slow down, and even tend to pause. This year's Spring Festival began in January, while last year's started in February, so the comparison of January-February economic data can better reflect annual changes in indicators.

MIIT also said that the overall production and sales performance of the automobile industry is good. From January to February, the industry's production and sales were 4.529 million and 4.459 million, respectively, an increase of 11.1 percent and 8.8 percent from the same period last year, and 7.3 and 4.5 percentage points higher than the same period last year.

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