Deliveries of pure electric and plug-in hybrid cars plunged 50% in the first 12 days of January to 206,000 units compared with the first 12 days of December, the South China Morning Post reported Sunday, citing the China Passenger Car Association.
The decline follows a 42% rise in sales in 2024, the report said.
The low figures are expected as Beijing ended subsidies for EV purchases at the beginning of 2025, the report said, citing Gao Shen, a Shanghai-based analyst.
"The sales figures showed that the market would continue to be volatile despite increasing EV adoption," the SCMP quoted Gao as saying.
China's top new-energy vehicle companies include BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868) and NIO (HKG:9866, SGX:NIO).
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)