Now 2.4 Million China Electric Car Market Expected for 2021

The China Passenger Car Association (CPCA) has again raised its forecast for new energy passenger car sales for 2021 as the industry grows rapidly. The 2021 forecast for new energy passenger car wholesale sales was raised to 2.4 million units which is up from a forecast of 2 million in February and 2.2 million in April.

Wholesale sales of new energy vehicles in China reached 860,000 units from January to May this year, up 2.5 times from a year earlier.

China is having huge EV car volume from cheap $5000-12000 electric cars. The top selling EV in China is a $5000 EV. Tesla still is battling for second and third most sales with the Model Y and Model 3. The Model Y sales were fifth in April but are ramping quickly. May numbers indicate the Model Y and Model 3 were second and third in sales in China for EVs.

Tesla Inc (TSLA.O) sold 33,463 China-made electric cars in May, including exports, a 29% jump from April, according to data from the China Passenger Car Association (CPCA). China’s new electric vehicle sales surged 177% to 185,000 cars in May from a year earlier, CPCA said. Overall passenger vehicle sales, however, rose just 1.1% to 1.66 million cars.

Of the 21,936 vehicles delivered to the Chinese market, 12,728 were Model Y and 9,208 Model 3.

SOURCE – Equalocean, EV Sales blog, Tesmanian, CPCA
Written By Brian Wang, (Brian owns shares of Tesla)