This slowdown from the three-digit growth rates of previous months is explained by the fact that, in June, “new energy” subsidies were slashed to vehicles with ranges lower to 150 km. That means most small “city EVs” stopped being sold, draining a significant percentage of sales.
Consequently, the PEV share dropped from a record 5% in May to 3.1% in June, pulling the 2018 share to 3%, well above the 2.1% of 2017. With sales expected to pick up as the year advances, the 2018 PEV share should end north of the 3% or 4% threshold. (5%?) December could potentially reach 7%.
Last month, the Chinese OEMs represented over 50% of all PEVs registered globally, an impressive number that is sure to increase during 2018.
With symbolic export numbers, the domestic market is more than enough to absorb the current Chinese production, helped by the fact that it is still a protected market and foreign OEMs have been slow to look seriously at this niche. But with PEV quotas to be fulfilled in the near future, foreign brands are putting in effort and now reaching 7% share — 3% belong to Tesla, 2% to BMW, and the remaining manufacturers sharing the final 2%.
In June, besides the disappearance of most small EVs, several larger models hit record numbers. Additionally, the Roewe brand had a coming of age, hitting for the first time a five-digit performance and even managing to snoop around the leadership race between BAIC and the leader BYD.
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