China EV sales slow in January-February as competition intensifies
Reuters
Published Mar 08, 2024 12:34AM ET
Updated Mar 08, 2024 06:41AM ET
(Corrects the first paragraph to remove reference to the same period a year earlier)
BEIJING (Reuters) - China's pure electric vehicle sales slowed in January-February from a year earlier, industry data showed on Friday, as competition intensified with market leader BYD (SZ:002594) heading a deeper round of price cuts.
Sales of battery-powered EVs rose 18.2%, cooling from 20.8% for all of 2023, showed data from the China Passenger Car Association. That partially mirrored waning consumer interest as blistering cold snaps slowed the performance of EV batteries.
Sales of new energy vehicles (NEVs) which includes vehicles powered by other emerging technologies such as plug-in petrol-electric hybrids, jumped 37.5% in the first two months, from 36.2% in 2023.
That figure compared with the overall passenger car market's 16.3% growth in January-February and reflected a 33.5% NEV penetration rate versus 28.3% in the same period of 2023.
Weakness in EV recharging and driving range due to rain, snow and ice "temporarily weighed on consumer buying confidence," the association said in a statement.
The shifted timing of China's Lunar New Year holiday results in swings in monthly data over the first two months of the year. The holiday fell in February this year and lasted eight days, whereas it fell in January last year and lasted seven days.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.