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EV Sales Fall in China
Slumping demand for new cars in China has hit the country’s market for electrified models with the segment's first sales decline in more than two years.
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Slumping demand for new cars in China has hit the country’s market for electrified models with the segment's first sales decline in more than two years.
Wholesales of so-called new-energy vehicles slid 5% to 80,000 units in July from 152,000 in June, according to the China Assn. of Automobile Manufacturers. CAAM blames the decline on government policies launched last month that lowered sales incentives and raised requirements to qualify for them.
Electrified vehicles must now be able to travel at least 250 km (155 miles) in all-electric mode, up from 150 km (93 miles) previously, to be eligible for any discount. EVs with a range of at least 400 km (249 miles) now qualify for a subsidy of 25,000 yuan ($3,500), half the former amount.
CAAM predicts that wholesales of new-energy vehicles will reach 1.5 million units this year, compared with its previous forecast of 1.6 million cars. The group now expects China’s passenger vehicle market will shrink 5% to 26.68 million units in 2019.
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