BYD, one of China's leading new energy vehicle (NEV) manufacturers, disclosed Thursday that it sold more electric cars than traditional gas-powered ones in January, the first time in the company's history, the China Securities Journal reported.
During the month, the company sold 16,219 electric vehicles, an astonishing 385-fold increase from a year earlier. In contrast, its sales of gas-powered vehicles slumped by over 56 percent year on year to 15,252 vehicles.
The sales of BYD's NEVs, including both electric cars and hybrid ones, also rose by nearly three-fold during the month, making its overall cars sales grow by 3.7 percent from the previous year.
Analyst believe that with a well-structured product mix of NEV models, which are named after the names of several ancient Chinese dynasties, the company's NEV sales are expected to expand by 70 percent this year. It sold 248,000 NEVs in 2018.
Apart from BYD, other domestic car brands have also been riding an upward trend in their NEV sales since the beginning of this year.
The Zhejiang-based Geely Auto, for instance, sold as many as 9,022 NEVs in January, meaning a nearly 50 percent increase from a month earlier. The Guangzhou-based GAC NE saw its NEV sales reach 1,967 vehicles last month, a year-on-year jump of 83 percent.
Chinese auto makers are also gearing up to launched new NEV models this year. The Beijing-based BAIC Group announced recently that its joint venture with the German carmaker Mercedes-Benz would start to mass produce its first home-grown electric car model this year.
Beijing Hyundai Motor, another joint-venture automaker, also planned to launch eight new car models in 2018, three of which are NEV ones.
Meanwhile, the Chinese government has also been strengthening its support for the country's NEV industry.
In its latest step to do so, the Ministry of Industry and Information Technology released the catalogue of the seventh batch of NEV models, for which the vehicle and vessel tax will be reduced or even exempted. Models from a number of domestic brands are included in the catalogue.
During the month, the company sold 16,219 electric vehicles, an astonishing 385-fold increase from a year earlier. In contrast, its sales of gas-powered vehicles slumped by over 56 percent year on year to 15,252 vehicles.
The sales of BYD's NEVs, including both electric cars and hybrid ones, also rose by nearly three-fold during the month, making its overall cars sales grow by 3.7 percent from the previous year.
Analyst believe that with a well-structured product mix of NEV models, which are named after the names of several ancient Chinese dynasties, the company's NEV sales are expected to expand by 70 percent this year. It sold 248,000 NEVs in 2018.
Apart from BYD, other domestic car brands have also been riding an upward trend in their NEV sales since the beginning of this year.
The Zhejiang-based Geely Auto, for instance, sold as many as 9,022 NEVs in January, meaning a nearly 50 percent increase from a month earlier. The Guangzhou-based GAC NE saw its NEV sales reach 1,967 vehicles last month, a year-on-year jump of 83 percent.
Chinese auto makers are also gearing up to launched new NEV models this year. The Beijing-based BAIC Group announced recently that its joint venture with the German carmaker Mercedes-Benz would start to mass produce its first home-grown electric car model this year.
Beijing Hyundai Motor, another joint-venture automaker, also planned to launch eight new car models in 2018, three of which are NEV ones.
Meanwhile, the Chinese government has also been strengthening its support for the country's NEV industry.
In its latest step to do so, the Ministry of Industry and Information Technology released the catalogue of the seventh batch of NEV models, for which the vehicle and vessel tax will be reduced or even exempted. Models from a number of domestic brands are included in the catalogue.
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