Beijing’s subsidy cut
Beijing’s subsidy cut – Since late June, when Beijing began cutting subsidies for electric vehicles by half, on average, the market started dwindling. Monthly sales at the China’s largest EV maker BYD are perhaps the most telling sign of what to expect when nationwide July sales are released later this week or next.
The Shenzhen-based carmaker announced today that it sold 16,567 units in July, including pure electric and plug-in hybrids. That’s down 38% on the month before and 12% lower than the same period last year. BYD’s sales of pure electric passenger car have slumped in particular, falling by half in July from the month before. Electric passenger cars have often been three times larger than sales of plug-in hybrids, but in July the gap narrowed. BYD sold 9,515 pure electric cars last month, only around 1.5 times larger than plug-in hybrid sales. That could be directly related to Beijing’s subsidy cuts[wp-reviews]
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