Percentage of newly registered NEVs in Shanghai hits record high in H1

The percentage of newly registered new energy vehicles in Shanghai in the first half of this year set a new record, according to statistics released by Shanghai traffic police on Wednesday.

A total of 85,692 NEVs were registered in Shanghai in the first six months this year, a 32 percent decrease from the same period last year, but they accounted for 45.1 percent of all cars registered in the city over the same period, which is a new record.

By the end of June this year, there were 4.5 million registered cars in Shanghai, among which 710,000 were NEVs. Shanghai still leads the country in the number of registered NEVs.

About half of the registered NEVs in Shanghai are pure electric vehicles.

There were 9 million registered motorists in Shanghai as of the end of June.

The NEV market in Shanghai has been growing at a rapid pace in recent years under multiple incentives for car buyers. High costs and tight access to plates for traditional fuel cars have also played a part, since NEV plates in Shanghai are free.

From 2019 to 2021, the annual number of newly registered NEVs in Shanghai increased from 69,000 to 259,000.

The positive trend is expected to resume in the second half of this year with the government unveiling a number of highly attractive new incentives to boost NEV sales in an effort to sustain the momentum of economic recovery after a two-month lockdown due to the recent COVID-19 resurgence.

Wu Jincheng, director of the city's commission of economy and informatization, said earlier this month that a newly purchased NEV costing 200,000 yuan (US$29,600) could be entitled to subsidies of between 20,000 yuan to 50,000 yuan.