Shanghai (Gasgoo)- According to Cui Dongshu, the secretary-general of China Passenger Car Association, the ratio of new energy vehicle credits in the first ten months reached 5.6 percent while the October monthly ratio was up to 7.2 percent.
The ratio refers to the percentage of new energy vehicle credits to the production of traditional fossil-fuel powered vehicles. As China government requires, companies should achieve a ratio of at least 10 percent from 2019 and 12 percent in 2020. For example, if an OEM produces 1 million traditional fossil-fuel powered vehicles in 2019, it needs 100,000 new energy vehicle credits. The new energy vehicle credits of each model are related to the range under the pure electric mode (PEV) or the power of fuel-cell battery package (FCV) and common BEV model can have a maximum of 5 new energy vehicle credits.
Statistics from Cui showed that in the first ten months, new energy vehicle production reached 366,000 units and achieved a total of 1,070,000 new energy vehicle credits. During the same period, automakers have produced a total of 18,680,000 fossil-fuel powered vehicles. Thus the ratio is 5.72 percent. Cui said the ratio would increase in the coming two months of this year, improving the whole year’s ratio.
China self-owned auto brands have a much better performance than JV brands in new energy vehicle credits. In the past ten months, joint ventures made 14,000 new energy vehicles with a new energy vehicle credit ratio of 0.3 percent while self-owned brands’ new energy vehicle production reached 352,000 units with a ratio of 17.4 percent.
As to the Chinese OEMs, Cui wrote in his article that BYD has the highest new energy vehicle credit ratio to the first ten months’ production while SAIC, Dongfeng, FAW and GAC are under great pressure to meet the target.
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