New energy vehicles (NEVs) are a quickly growing segment of China’s auto market. Last month, NEV sales more than doubled from a year earlier, far exceeding the 8-percent rise in overall automobile sales. So what’s behind the sales surge? Hongguang Mini EV by Wuling has been the best-selling electric vehicle in China for the last three months. With no safety airbags, optional air-conditioning and a driving range of under 200 kilometers, the tiny new model has been snowballing in China’s market. The little car’s sales reached more than 33,000 last month, making it the first new energy vehicle to have sold more than 30,000 units on a monthly basis in China this year. One of the key factors is the price. Hongguang Mini EV priced from just 28,800 yuan ($4,410), the model is the cheapest new energy vehicle on the Chinese market, and it’s turned out to be just what a wide selection of consumers are looking for. The targeted consumers are mostly young people – 40 percent were between 20 and 30 years old. Shi Shuai, principal of Roland Berger, said the new energy vehicle market is beginning to diversify. While originally focused on high-end and high-fashion automobiles, it’s… Read full this story
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