Electric vehicle sales in China slowed in January-February

Source: theglobeandmail.com theglobeandmail.com

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China’s electric vehicle sales slowed in the opening months of this year, industry data showed on Friday, with competition intensifying as market leader BYD headed a deeper round of price cuts. Sales of battery-powered EVs rose 18.2 per cent in January-February versus 20.8 per cent for all of 2023, showed data from the China Passenger Car Association. Together with plug-in hybrids, new energy vehicle (NEV) sales jumped 37.5 per cent in the two-month period, versus 36.2 per cent for 2023. The result outpaced the overall passenger vehicle market’s 16.3 per cent growth as widespread discounts fuelled demand. NEVs accounted for...