China's new energy vehicle output slumps 82.9% on year in Feb: CAAM

  • Friday, March 13, 2020

  • Keywords:CAAM, new energy vehicle
[Fellow]China's new energy vehicle output slumps 82.9% on year in Feb: CAAM

[]China's new energy vehicle, or NEV, output and sales slumped 82.9% and 75.2% year on year to 9,951 units and 12,908 units, respectively, in February due to the coronavirus outbreak, according to the latest report released by the China Association of Automobile Manufacturers, or CAAM, Thursday. The output and sales slid 77.3% and 72.4% month on month, respectively, in February.

Total output and sales reached 53,840 and 59,705 units in the first two months of this year, down 63.8% and 59.5%, respectively.

Stagnant demand and low output caused by slow resumption work and shortage of auto parts supply will impact heavily on the vehicle market in the first half of this year, CAAM said in the report.

The output and sales might rebound slightly in March, according to a survey conducted by the association on the resumption of work in the first 10 days of this month, said Chen Shihua, the vice general secretary of CAAM.

The association urged for extending the previous subsidy policy, improving usage convenience and speeding up infrastructure construction to promote the development of NEVs.

An eastern China-based cobalt sulfate producer, however, was not as optimistic as the association. He said battery metals converters had received few orders recently and inquiries were sparse.

S&P Global Platts assessed battery grade 20.50% Co cobalt sulfate weekly prices at Yuan 51,000/mt ($7,254/mt) DDP China Thursday, down Yuan 3,000/mt on the week.

(S&P Global Platts)

  • [Editor:王可]

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