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The China Passenger Car Association raised its forecast from 5.5 million to 6 million following the release of data that new energy vehicle (NEV) deliveries more than doubled in July to about 486,000 units, accounting for 26.7 per cent of the total new car market. Compared to last year, total passenger car sales were up 20 per cent to 1.84 million units.
The current forecast is almost double the sales figures, compared to 2.99 million electric vehicles produced last year. This highlights the surge in demand for eco-friendly cars in China, as well as the challenge for older carmakers to adapt in a market that is rapidly going green.
Raising the forecast to 6 million is still not accurate. The figure could still be increased further at the start of the fourth quarter.
Despite the Covid-19 outbreaks in some parts of the country, overall vehicle production and supply chains have largely recovered. The central and local governments are helping the auto industry recover. In May, the central government cut purchase taxes on some low-emission passenger cars by 50 per cent and municipal governments provided subsidies and incentives to attract buyers.
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