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CAAM: China's NEV sales in 2021 up by 1.6 times YOY

On January 12, China Association of Automobile Manufacturers (CAAM) publicized operation results of China's automobile industry. In 2021, China's auto production and sales were 26.08 million and 26.28 million vehicles respectively, up by 3.4% and 3.8% on a year-to-year basis, indicating a brake on the three-year consecutive decreasing trend. In particular, NEV production and sales in 2021 were 3.55 million and 3.52 million vehicles respectively, up both by 1.6 times YOY, and passenger car production and sales were 21.41 million and 21.48 million vehicles respectively, up by 7.1% and 6.5% YOY.

In December 2021, China's auto production and sales were 2.91 million and 2.79 million vehicles, with the former up by 2.4% YOY and the latter down by 1.6% YOY. In particular, in December 2021 passenger car production and sales were 2.53 million and 2.42 million vehicles respectively, up by 8.4% and 2% YOY, and NEV production and sales were 518,000 and 531,000 vehicles respectively, up by 1.2 times and 1.1 times YOY to hit a new high.