NEV sales surge 111.7% in April

CHINESE new-energy vehicle startups delivered a total of 23,600 vehicles in the first four months of the year, a 43 percent rise year on year, according to insurance data.

In April, the startups recorded a total of 9,706 vehicles, a jump of 111.7 percent YoY, driven by more new products and a recovery in consumer confidence.

China’s auto sales rose 4.4 percent YoY to 2.07 million vehicles in April, according to China Association of Automobile Manufacturers data.

NIO reported a total of 6,951 vehicles in the first four months to top the list. Lixiang Automotive ranked second with 5,783 autos while Xpeng Motors’ 3,565 vehicles put it in third place.

Sales were concentrated in the top five NEV startups with very few sales in the rest, some even experiencing single digit sales. New companies which had not delivered their vehicles until now may find it difficult to survive in such a competitive market, industry insiders said.

Zhang Xiaofeng, an independent market analyst, said: “Chinese NEV startups also face competition from US electric carmaker Tesla as the company already lowered its Model 3 prices in China in early May. After the earlier adjustment, the current price for the Model 3 Standard Range Plus is 271,550 yuan (US$38,000), which is very competitive for consumers.”

Shanghai-based WM Motor, which came fourth in the sales list, registered 1,047 vehicles in April and 3,284 in the first four months. Fifth-ranked Hozon Auto registered 865 vehicles in April and 2,613 from January to April.

In the first four mouths, 76 percent cars were bought by individuals or personal buyers.