China New Energy Vehicle Sales Decline for First Time In 2 Years

Monthly sales of new energy vehicles in China fell in July for the first time in over two years, amid a yearlong slowdown in the world’s largest autos market, the Financial Times reported. Sales of NEVs, a category that includes both hybrid and fully electrified cars, declined by 4.7 per cent year-on-year in July to 80,000 vehicles, the China Association of Automobile Manufacturers said on Monday. The Chinese government in March announced a series of cuts to new energy vehicles subsidies, which have been instrumental in boosting the rapid sales growth that has made China the largest NEV market in the world since 2015. In June, the final month before new subsidy rules were applied, automakers sold 152,000 NEVs, as buyers rushed to take advantage of cheap prices. As a result of weak sales in July, the association slashed its forecast for 2019 to 1.5 million cars from 1.6 million. Read more