10/14/2019

EV, Hybrid Sales in China Plummet 32%

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Retail sales of electrified passenger vehicles in China in the first eight months of 2019 plunged by one-third to 793,000 units.

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Retail sales of electrified passenger vehicles in China in the first eight months of 2019 plunged by one-third to 793,000 units, according to the China Assn. of Automobile Manufacturers.

CAAM says sales of such vehicles fell 34% in September.

Analyst attribute the decline to consumer worries about China’s slowing economic growth, the U.S.-China trade war and ebbing government subsidies to the makers of so-called new-energy vehicles.

Government aid is increasingly being linked to quality and technology gains in a bid to force consolidation within the country’s EV industry, the Financial Times reports.