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China’s New Energy Vehicles Suffered Significant Sales Decline in October

Well-known Chinese news site Tencent News recently reported, based on data released from the China Association of Automobile Manufacturers (CAAM), that China’s new energy vehicles’ domestic sales dropped by 45.6 percent year-over-year. This is the fourth consecutive monthly decline in the new energy vehicle market segment. Not long ago, that segment of the market was one of the rapidly growing sectors in the Chinese economy. According to CAAM, the automobile industry is facing challenges in the areas of weak consumer demand, higher national technical standards, and dramatically declining government subsidies. In the meantime, the total domestic passenger automobile market declined by 5.8 percent in October, year-over-year. Domestic brands suffered more than foreign brands, seeing an October decline of 9.6 percent, year-over-year. New Energy Vehicles include pure electric vehicles (EV), plug-in electric vehicles (PEV) and traditional hybrid vehicles. In October, motorcycle sales saw a 25.9 percent increase, year-over-year; however they suffered a 12 percent decrease, month-over-month.

Source: Tencent News, November 11, 2019