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On August 24, Yutong released a report on its business performance in the first half of this year, showing that the bus maker realized an operating revenue of 10.387 billion RMB, up by 10.42% year on year. In the meantime, it sold 24,079 units buses, up by 2.95% year on year. Also from January to June this year, Yutong sold 3,645 units of new energy buses, 102.7% more than that of the same period last year.
Having completed all application procedures, Yutong recently was offered a subsidy of 3.04 billion RMB from the central government for its efforts made on popularizing new energy vehicles. According to the company, the subsidy would not be calculated as its profits in this period, but it is definitely helpful for the company’s new energy bus R&D and popularization work and brings positive impacts on its cash flow.
Currently, Yutong boasts a wide spectrum of eco-friendly buses, including 10-18 meter plug-in hybrid buses and 6-12 meter electric buses. As one of the leaders in China’s new energy bus industry, Yutong accounts for 40% of China’s plug-in hybrid bus market and over 20% of the nation’s electric bus market.
According to some statistics, China sold 17,076 units new energy buses in the first half of this year, up by 50.26% year on year. In the meantime, the number of new energy buses sold on the market totaled 11,648 units, accounting for 68.21% of the total bus sales volume in the first half of this year. In addition, the new energy bus sales also grew by 7.68% year on year from January to June this year.
It is estimated that the new energy bus market will continue to maintain fast growing momentum in the second half of this year. The explosion of eco-friendly bus sales can be mainly attributed to the following two reasons. First, governments at various places have intensified their efforts to introduce environmentally friendly buses as part of their environmental protection drive. Second, electric light buses can enjoy superbly high subsidies from governments this year, which give bus operators more impetus to make their purchases in advance. According to some estimates, the total sales volume of new energy buses this year will reach 50,000 units, nearly double the number registered last year. Yutong also expects to sell 150,000 units new energy buses for the whole year, up by nearly 100% compared with its total sales volume of new energy buses last year.