As one of only a few brokers covering the full value chain of China electric vehicle (EV) and batteries, we have a deep insight into why the EV-related segment will continue to enjoy structural growth in China's technology sector.
China EV grew 126% y-y in 4M16, while EV battery grew 454% in 1Q16. China EV shipments grew 126% y-y in Jan-Apr 2016 (from 363% in 2015), according to d1ev, despite the on-going investigation on subsidy misuse. This included growth of 130% y-y in passenger EVs and 115% y-y in commercial EVs. Meanwhile, EV battery shipments grew by a much stronger 454% y-y in 1Q16, driven by: 1) a shift in product mix to bigger battery load EVs, 2) strong order flows from EV OEMs, and 3) the subsidy fraud investigation.
Want to get the full picture? Read the China EV and battery market update.