Electric car

Chinese EV Sales plunge In July: After the Subsidy hurricane

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Chinese EV

When it comes to electric vehicle (EV), China might just have the upper hand as 500 manufacturers have registered to make EVs in China. Global automakers such as GM and Volkswagen are also expected to intensify their efforts in Chinese EV, bringing superior technology and brand recognition.

In last 2-3 years as a result of the strong growth in EVs, China, which is now the largest EV market in the world, has also seen a surge of start-ups focusing on building new energy cars.

The Chinese government has been at the forefront driving the switch to new energy vehicles, and it also wants to lead and dominate the EV market. But in recent past government decided to revoke EV subsidy.

Chinese EV After an end-of-incentives, China’s electric vehicle sales saw their first monthly decline in July saw the expected hangover, with the Chinese plug-in vehicle market dropping 7% year over year (YoY), and the 70,000 units of last month representing less than half of the deliveries of the previous month. Plug-in hybrids (PHEVs) sank 22% YoY in July, their worst drop in over two years, while, amazingly, fully electric vehicles (BEVs) still managed to grow, if only by 1%, despite the gloom all around them (the overall market also dropped 4%). In August, the decline was far steeper.

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