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TrendForce: NEV 2021 Sales Could Hit 3.9 Million Units

Mar 03, 2021 | By 經濟日報

NEV saw record-high sales in the final two months of 2020, TrendForce reported, signaling a yearly growth of 4.3% with 2.9 million units sold.

Judging the current trends, TrendForce expects to see sales figures hit 3.9 million units this year. However, such forecasts are still up in the air as the shortage of automotive chips has made producing vehicles difficult.

For the BEV market, Tesla's Model 3 takes the top 24.5% of the market share last year. Whether Tesla's position will continue into 2021 depends on sales figures for Model Y. Circumstances appear to look favorable for Tesla, as the Chinese government lifted purchase taxes for the Model Y and in January, Tesla announced a 30$%-price discount off the new model.

An unexpected contender comes from China's indigenous brand Wuling Hongguang Mini EV, which quickly became fourth in terms of market share last year. TrendForce named its competitive price and the Chinese government's aggressive promotion of the Mini EV outside of its megacities.

TrendForce pointed out the significance of policy-making would shape the market is apparent in the examples that China and Europe offer. In Europe's case, this is largely tied to Europe-based auto firms' proactiveness in developing new energy-powered vehicles and stricter regulations on reducing carbon emissions in the EU.

Aside from China and Europe, the Biden administration has also floated a complete overhaul of their existing government-use vehicles to migrate to EV. The Biden administration is slated to relax qualifications to obtain subsidies and encourage purchasing power, in attempts to buoy the American market's EV sales and hasten the transition.


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