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  • NEWS Desk Global

CHINA EV SALES SLOW IN JANUARY-FEBRUARY




In the first two months of this year, China experienced a slowdown in electric vehicle (EV) sales, accompanied by heightened competition as the market leader, BYD, implemented more aggressive price reductions. Data from the China Passenger Car Association revealed that sales of battery-powered EVs increased by 18.2% during January and February, compared to a growth rate of 20.8% for the entirety of 2023.

However, when considering both battery-powered EVs and plug-in hybrids, collectively known as new energy vehicles (NEVs), sales surged by 37.5% in the same two-month period. This growth rate surpassed the 36.2% increase observed throughout 2023. Notably, the NEV market outperformed the overall passenger vehicle market, which saw a growth rate of 16.3% during the same period. The increased demand for NEVs was fueled by widespread discounts offered by manufacturers.

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