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EV sales growth in China dips

China’s pure electric vehicle sales slowed in January and February. They expanded 18.2% YoY, reflecting intensified competition and deeper price cuts by market leader BYD. Sales of new energy vehicles (NEVs), including plug-in hybrids, rose by 37.5%, outpacing the overall passenger car market’s growth rate of 16.3%. The slowdown is partly attributed to waning consumer interest amid adverse weather conditions affecting EV battery performance. The fluctuation in data is also due to the timing of the Chinese New Year holiday, which fell in February this year.

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