Wednesday, August 21, 2019 6:17:45 PM
The news on vehicle sales is indicative of the growing economic headwinds. Data published by the China Association of Automotive Manufacturers showed auto production down 12.4% in the first half of the year in what is the world’s largest car market. Chinese auto production in 2018 was down 4% to 27.8 million units, the first time since 1990 that the country’s car sales have contracted on an annual basis.
June sales for passenger cars were up, but this has been attributed to dealers offering big discounts to reduce inventories of vehicles that do not meet new exhaust emissions standards introduced from July in 17 Chinese cities and provinces.
In contrast, China’s New Energy Vehicles (NEV) faired far better. NEV sales last year were up 79% at 1.1 million NEV passenger cars plus 60,000 light commercial vehicles. According to data from EV-Volumes, this made up 4.2% of new sales in the light vehicle sector. The first half of 2019 saw total sales of 633,000 NEVs and an average market share of 6.3%.
The depressed state of the conventional auto market, but sustained buoyancy in NEV sales means the latter’s market share is higher than it otherwise might have been.
This is indeed good news for Australian Mines LTD (AMSLF) because even if a recession does happen, it seems EV adoption will continue to climb. So EV battery metals will continue to be in demand for a very long time.
https://oilprice.com/Energy/Energy-General/Electric-Vehicles-Will-Win-Big-In-A-Recession.html
ZenaTech, Inc. (NASDAQ: ZENA) Launchs IQ Nano Drone for Commercial Indoor Use • HALO • Oct 10, 2024 8:09 AM
CBD Life Sciences Inc. (CBDL) Targets Alibaba as the Next Retail Giant for Wholesale Expansion of Top-Selling CBD Products • CBDL • Oct 10, 2024 8:00 AM
Foremost Lithium Announces Option Agreement with Denison on 10 Uranium Projects Spanning over 330,000 Acres in the Athabasca Basin, Saskatchewan • FAT • Oct 10, 2024 5:51 AM
Element79 Gold Corp. Reports Significant Progress in Community Relations and Development Efforts in Chachas, Peru • ELEM • Oct 9, 2024 10:30 AM
Unitronix Corp Launches Share Buyback Initiative • UTRX • Oct 9, 2024 9:10 AM
BASANITE INDUSTRIES, LLC RECEIVES U.S. PATENT FOR ITS BASAFLEX™ BASALT FIBER COMPOSITE REBAR AND METHOD OF MANUFACTURING • BASA • Oct 9, 2024 7:30 AM