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China’s NEV Sales Down 18.6% In January After Subsidy Cuts – By ASC


China has ambitious goals in promoting NEV as part of efforts to curb air pollution and believes the industry is mature enough to be driven by demand rather than subsidies.

New energy vehicle (NEV) sales in China fell 18.6 percent month -on -month in January after the country cut subsidies for NEVs by 30 percent, industry data showed on Friday.

NEV sales, including battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel cell vehicles, in January reached 431,000, representing an annual increase of 135.8%, according to data from the China Automobile Manufacturers Association (CAAM).

December sales soared as buyers rushed in ahead of subsidy cuts that occurred in January, Cui Dongshu, secretary -general of an industry body of the China Passenger Car Association (CPCA) said on Monday.

In December 518,000 NEVs were sold in China, up 159.5 percent year -over -year.

China has ambitious goals in promoting NEV as part of efforts to curb air pollution and believes the industry is mature enough to be driven by demand rather than subsidies.

Total automotive sales in the world’s largest car market rose 0.9% in January from a year earlier to 2.53 million vehicles, the first increase after an eight-straight-month decline, according to CAAM.

In January, demand continued to rise ahead of the lunar new year and supply of chips continued to improve, CAAM said in a statement. But sales growth slowed following the effects of the COVID outbreak in some areas, he added.

The global shortage of chips, used in everything from brake sensors to power steering and entertainment systems, has caused carmakers around the world to reduce or suspend production, raise prices and hurt sales.

On Monday, data from the CPCA showed that U.S. electric vehicle maker Tesla Inc sold 59,845 Chinese -made vehicles in January.

Tesla is the only foreign carmaker among the ten best-selling NEV brands in China as a result of intense competition, as local manufacturers such as Nio, Xpeng Inc and Li Auto Inc cater to the needs of Chinese consumers with products better tailored to local tastes.

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(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)

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