BEIJING, Feb. 18 (Xinhua) -- Sales of the new energy vehicles (NEVs) by the listed companies on China's A-share market outperformed in January, according to the production and sales data released by the listed car producers.
As of February 17, 19 listed car companies have released production and sales data for January. Among them, ten listed companies saw a year-on-year increase in the car sales in January.
In January, BYD Company Limited (002594.SZ) sold 28,700 NEVs, an increase of 291.11 year on year, while it sold only 15,300 traditional fuel vehicles, down 56.43 percent year on year. To be specific, sales of its new energy passenger vehicles was 28,000 units, an increase of 291.62 percent year on year.
In addition, companies such as Beiqi Foton Motor Co., Ltd. (600166.SH), Anhui Jianghuai Automobile Group (600418.SH) and Chongqing Changan Automobile Company (000625.SZ) also witnessed a year-on-year increase in sales of the NEVs in January.
Against the background of the 4.1-percent decline in the sales of passenger vehicles in 2018, sales of new energy passenger vehicles increased by 83 percent year on year.
According to the China Passenger Cars Association (CPCA), since September 2018, the monthly sales of new energy passenger cars in China have hit record highs continuously. In December last year, the sales of new energy passenger cars reached 160,000 units.
Sinolink Securities believes that the changes in subsidy policies and the accelerated launch of high-quality products are major reasons behind the high growth rate of new energy passenger vehicles in the second half of 2018.
At present, the major joint venture brands in China gradually set foot in the NEV market and more NEVs will be delivered intensively, leading to the ample market supplies. With the implementation of the subsidies which, many analysts believe, will fall sharply this year, the NEV producers will face bigger pressure on profits. (Edited by Hu Pingchao, email@example.com)