Category: Industry News

Buick to launch Electra E4 coupe SUV in China on Jun 19

Only about 2 months ago on April 13, Buick launched the Electra E5 SUV -- its first model based on GM's Ultium platform -- in China.

(Image credit: Buick)

General Motors' Buick brand is probably the most aggressive of the foreign brands when it comes to tapping into the Chinese electric vehicle (EV) market, with a second model coming two months after launching its first model based on the Ultium platform two months ago.

The Buick Electra E4 -- an all-electric coupe SUV -- will go on sale in China on June 19, the brand announced on its social media accounts yesterday.

Notably, Buick launched the Electra E5 SUV, its first model based on GM's Ultium platform, in China only about 2 months ago, on April 13.

Buick was already warming up for the Electra E4's launch earlier this month, sharing exterior images of the model as well as its core specs.

The Electra E4 entered the Chinese industry regulator's list of new models that will be allowed to be sold in China two months ago.

The model has a length, width and height of 4,818 mm, 1,912 mm and 1,581 mm, respectively, and a wheelbase of 2,954 mm, according to the regulatory filing dated April 11.

For comparison, Buick's first model based on the Ultium platform, the Electra E5, has a length, width and height of 4,892 mm, 1,905 mm and 1,655 mm, respectively, and a wheelbase of 2,954 mm.

The model has two power versions, the dual-motor version with a maximum output of 143 kW for the front motor and 68 kW for the rear motor. Its single-motor version has a front motor with a maximum output of 150 kW. The model supports a top speed of 180 km/h.

The Buick Electra E4 is powered by a ternary lithium-ion battery supplied by a joint venture between and GM's local car-making partner SAIC, with a 65-kWh pack for a CLTC range of 530 km in the standard range version and a 79.7-kWh pack for a CLTC range of 620 km in the long-range version.

Buick is one of the most aggressive in embracing the transition to electrification in the Chinese auto industry. It launched the Electra E5 on April 13, offering five versions with starting prices of RMB 208,900 ($29,100), RMB 222,900, RMB 225,900, RMB 239,900 and RMB 278,900, respectively.

On April 25, Buick announced that the Electra E5 received more than 8,000 orders after 12 days on the market.

On May 29, SAIC Motor, a joint venture between GM and SAIC, said the first deliveries of Electra E5 vehicles had begun, but did not announce the number of deliveries.

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Buick begins delivery of Electra E5 electric SUV in China

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China NEV retail sales in Jun 1-11 at 160,000, down 4% from same period last month, CPCA data show

From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month.

(Image credit: CnEVPost)

The Chinese passenger car market was weak in the first two weeks of June, while the new energy vehicle (NEV) market performed slightly better.

From June 1 to June 11, retail sales of passenger NEVs in China were 160,000 units, up 18 percent year-on-year but down 4 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).

So far this year, China's retail sales of passenger NEVs were 2,581,000 units, up 39 percent year-on-year.

From June 1 to June 11, wholesale sales of passenger NEVs in China were 144,000 units, up 18 percent year-on-year and up 3 percent from the same period last month, according to the CPCA.

Wholesale sales of passenger NEVs so far this year were 2,927,000 units, up 45 percent year-on-year.

From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month, the CPCA said.

So far this year, cumulative retail sales of passenger cars in China were up 3 percent year-on-year to 8.057 million units.

This means that from June 1 to June 11, the penetration of NEVs at retail in China was 37.6 percent, and 32.03 percent so far this year.

In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.

In the second week of June -- June 5 to 11- - average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.

The decline in sales in early June was mainly due to a high base from last year brought about by stimulus policies.

On May 31, 2022, China announced a 50 percent reduction in vehicle purchase tax for passenger vehicles of 2.0 liter and below displacement with a purchase date between June 1, 2022 and December 31, 2022 and with a vehicle price not exceeding RMB 300,000 ($ 41,900).

Before the policy took effect, China's purchase tax rate for internal combustion engine (ICE) vehicles was 10 percent, while the purchase of NEVs was exempt from purchase tax.

The stimulus policy left car sales high at the beginning of June last year, while the same period this year was a normal sales time, so a decline in sales is natural, the CPCA said today.

The CPCA did not release sales figures for specific car companies, but shared some numbers yesterday.

Li Auto sold 11,900 units from June 1 to June 11, figures shared yesterday by the extended-range electric vehicle (EREV) showed. The company did not specify, though the figures are based on vehicle insurance registrations.

(NASDAQ: TSLA) sold 26,000 units in China from June 1-11, while (NYSE: NIO) had 2,800 and (NYSE: XPEV) had 2,200, according to Li Auto.

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Data table: China auto sales in 1st 2 weeks of Jun

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Voyah secures $2.1 billion in credit lines from 6 local banks

Voyah will raise a Series B round next and has plans for an initial public offering, its CFO said.

(A Voyah Zhuiguang on display at the Shanghai auto show. Image credit: CnEVPost)

Voyah, Dongfeng Motor's new energy vehicle (NEV) brand, has received RMB 15 billion yuan ($2.1 billion) in credit lines from six local banks, setting it up for future expansion.

Voyah held a signing ceremony for the partnerships with the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China CITIC Bank and China Merchants Bank.

Voyah will invest more in product development and marketing and launch more quality products, its CEO Lu Fang said, according to a press release.

The NEV maker has completed its Series A financing and will next raise Series B, Local media Shanghai Securities News quoted Voyah CFO Shen Jun as saying.

Voyah has plans for an initial public offering, and it will have more than 300 core employees holding shares, Shen said.

Voyah is the brand Dongfeng Motor announced in late 2020, when the first model, Voyah FREE, was also unveiled.

The Voyah FREE went on sale in China in June 2021 and is available in an extended-range electric vehicle (EREV) version as well as an all-electric version, with current starting prices of RMB 333,600 to 393,600 respectively.

On May 7, 2022, Voyah's second model, the Dreamer MPV, was launched with a starting price of RMB 369,900.

In November 2022, Voyah announced the completion of RMB nearly 5 billion Series A financing, valuing it at nearly RMB 30 billion.

On April 18 of this year, Voyah launched the Zhuiguang sedan on the first day of the Shanghai auto show, offering three versions with a starting price of RMB 322,900.

Voyah has had a lukewarm sales performance over the past two years, selling 3,003 vehicles in May, bringing combined January-May sales to 12,024 units.

For comparison, (NASDAQ: LI), which currently only offers EREVs, delivered 28,277 vehicles in May for a combined January-May total of 106,542 vehicles.

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Voyah deliveries in May: 3,003

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US EV startup Fisker plans to open delivery center in China this year

"I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually," Fisker CEO said.

(Image credit: Fisker)

Fisker (NYSE: FSR) plans to open a delivery center in China this year, becoming the next US electric vehicle (EV) startup to target the Chinese market after Lucid Motors (NASDAQ: LCID).

Fisker plans to open a delivery center in China in 2023 and start delivering the Fisker Ocean SUV in the first quarter of 2024, the company said in a June 9 press release.

Fisker's leadership team recently visited China and met with officials and business leaders in Shanghai to discuss cooperation and opportunities in the region, according to the release.

The conversations focused on the automotive supply chain, logistics, warehousing and future production development, Fisker said. The company opened its China office in 2022, according to the release.

"We expect China to be an important growth market for EVs in the future and believe our vehicles will be very appealing. That is why we established an office there and intend to open a delivery center this year," said Henrik Fisker, Fisker's chairman and CEO.

"I believe we can get production up and running in China as early as next year, potentially adding capacity of 75,000 Fisker Oceans annually," he added.

Interestingly, local media outlet Jiemian reported on June 7 that Zhu Jiang, who previously served as an executive at (NYSE: NIO), Ford (NYSE: F) and Auto, the car-making arm of Baidu (NASDAQ: BIDU), has joined Lucid to head up its China operations.

Lucid is starting to prepare for its entry into the Chinese market, Zhu told the outlet.

China is the world's largest EV market, with the segment seeing explosive growth over the past two to three years.

Global EV sales are largely driven by China, with 56 percent of total EV sales in the first quarter coming from the Chinese market, market research firm Counterpoint Research said in a June 8 report.

In China, the premium and affordable luxury segment is growing faster than the general segment, Daniel Foa, Fisker's China board member, said at the company's annual shareholders meeting on June 6.

Fisker fits right into that segment with its unique history, features and design, Foa said.

The company recently announced that deliveries of its first production model, the Fisker Ocean all-electric SUV, will begin in the US on June 23. It starts at $37,499 for the Sport interior trim level.

Notably, Chinese power battery giant is a supplier to Fisker.

On November 2, 2021, Fisker announced it signed an agreement with CATL, which will supply batteries for the Ocean SUV.

CATL will provide Fisker with more than 5 GWh of initial capacity per year from 2023 to 2025, according to a previous statement.

Lucid prepares for China entry, hires ex-NIO, Ford exec Zhu Jiang

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Saudi Arabia signs $5.6 billion deal with Chinese EV maker Human Horizons

The deal accounts for over half of the more than $10 billion in investments signed on the first day of the Arab-China business conference in Riyadh on Sunday.

Saudi Arabia signs $5.6 billion deal with Chinese EV maker Human Horizons-CnEVPost

(Image credit: CnEVPost)

Chinese electric vehicle (EV) maker Human Horizons is planning to enter more countries despite the weak performance of its premium HiPhi brand in its home market.

Saudi Arabia's Ministry of Investment has signed a $5.6 billion deal with Human Horizons to cooperate in developing, manufacturing and selling cars, Reuters said in a report today, citing a statement from Saudi Arabia's state news agency.

The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of the Arab-China business conference in Riyadh on Sunday, the report noted.

Saudi Arabia has been pushing for increased investment in non-oil sectors as part of its diversification agenda. Part of its plan is to develop domestic EV manufacturing, the report said.

Human Horizons unveiled the HiPhi X, the first model of the HiPhi brand, in October 2020, and deliveries of the model began in China in May 2021.

The HiPhi X starts at RMB 570,000 ($79,820) for the six-seat version and up to RMB 800,000 for the four-seat version.

In August 2022, Human Horizons officially launched its second model under the HiPhi brand, the HiPhi Z. The model is available in five-seat and four-seat versions with starting prices of RMB 610,000 and 630,000 respectively, and deliveries began at the end of January this year.

In February, HiPhi's third model, the HiPhi Y, appeared on one of the Chinese industry regulator's filing list. The model has not yet been officially launched, although late last month a HiPhi executive hinted that the model's starting price is expected to be RMB 369,000.

Sales of HiPhi models have been weak in China, never making into the monthly sales rankings published by the China Passenger Car Association (CPCA).

On March 31, Reuters quoted a Human Horizons executive as saying the company would launch the HiPhi brand in select European markets later this year.

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Chinese EV startup Enovate to build production base in Saudi Arabia with annual capacity of 100,000 units

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China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show

China's auto industry still needs to further recover and expand demand, and the release of consumption potential needs to be accelerated, the CAAM said.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

China's new energy vehicle (NEV) sales in May were 717,000 units, up 60.2 percent year-on-year and up 12.74 percent from April, according to data released today by the China Association of Automobile Manufacturers (CAAM).

The CAAM released data on wholesale sales by automakers, where NEVs include battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs) and fuel cell vehicles.

China sold 522,000 BEVs in May, up 50.43 percent year-on-year and up 10.83 percent from April.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

PHEV sales were 194,000 units in May, up 94.4 percent year-on-year. Sales of fuel cell vehicles were 400 units, up 310.7 percent year-on-year.

All vehicle sales in China were 2,382,000 in May, up 27.9 percent year-on-year and up 10.3 percent from April.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

This means that China's NEVs had a penetration rate of 30.1 percent in May, up from 29.5 percent in April.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

Production of NEVs in China was 713,000 units in May, up 53 percent year-on-year and 11.4 percent from 640,000 units in April.

Production of all vehicles in China was 2.333 million units in May, up 21.1 percent year-on-year and up 9.4 percent from May.

Both auto production and sales in China saw year-on-year growth in May, with NEVs continuing their rapid growth, the CAAM said.

However, the auto industry is still operating under great pressure, and the profitability of industry enterprises is at a low level, the CAAM noted.

From the current perspective, China's auto industry still needs to further recover and expand demand, and the release of consumption potential needs to be accelerated to drive steady growth in the industry, the CAAM said.

In May, 389,000 vehicles were exported from China, up 58.7 percent year-on-year and up 3.4 percent from April.

Among them, exports of NEVs were 108,000 units, up 150 percent year-on-year and up 7.9 percent from April.

In January-May, China's auto sales were 10.617 million units, an increase of 11.1 percent from the same period last year.

NEVs sold 2.94 million units in January-May, up 46.8 percent year-on-year, with a market share of 27.7 percent.

China contributes 56% of global EV sales in Q1, Counterpoint says

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Ford scaling back ambitions for Mustang Mach-E in China amid poor sales

The Mustang Mach-E team will be integrated back into Ford China and the separate entity running the project will be written off in the future, according to local media.

(Image credit: Ford Mustang Mach-E Weibo)

Ford once had high hopes for the Mustang Mach-E's performance in China and set up a separate entity to run the line.

Now, after a long period of weak sales, the US auto giant is reportedly scaling back its ambitions for the program.

Ford China is recently undergoing an organizational restructuring that will see the Mustang Mach-E team integrated back into Ford China and the separate entity that runs the program written off in the future, local media outlet Jiemian said today, citing several sources familiar with the matter.

The organizational restructuring will involve more than 2,000 employees and is expected to be completed in July, according to the report.

Because Mustang Mach-E sales are so poor, the separate company will have trouble taking on losses for long, a person familiar with the matter said.

The integration of the team does not mean the Mustang Mach-E will be withdrawn from China, and the model will continue to be produced by Changan Ford, Ford's joint venture in China, according to the report.

Ford launched the Mustang Mach-E in China in April 2021, with the first deliveries coming on December 26 of the same year.

Zhu Jiang, then head of the program, joined Ford China in June 2020 and was responsible for Mach-E-related operations and management of marketing, PR, sales, service and customer experience.

Zhu joined as vice president of user development in March 2017 and left in March 2020.

In November 2021, Zhu left Ford to join Auto, Baidu's car-building arm, and earlier today, Jiemian reported that Zhu had left Jidu to join Lucid Motors.

Ford had high hopes for the Mustang Mach-E, setting up a company called Ford Electric Mach Technologies, or FMeT for short, in September 2022.

It was the first independent company in the Chinese market to be established by a foreign auto brand with a deep focus on the development and operation of smart electric vehicles to fully accelerate electrification and intelligence development, Ford said at the time.

Ford will build on its strong R&D capabilities to create products that meet the needs of Chinese consumers, it said.

But Mustang Mach-E sales in China have been weak, well below those of China's major electric vehicle startups.

Mustang Mach-E sales peaked at 1,535 units last December and then declined, selling just 332 units in April, less than a fraction of rival 's Model Y, Jiemian's report said.

Notably, last December's sales peak appears to have been driven by incentives introduced by Ford.

On October 24, 2022, Tesla lowered the prices of the entire Model 3 and Model Y lineup in China, with the entry-level, rear-wheel-drive Model Y's subsidized starting price dropping to RMB 288,900 ($40,610), down from the previous 316,900.

A few days later, on October 31, Ford announced a price cut for the entire Mustang Mach-E lineup in China, with the subsidized starting price dropping from RMB 275,900 to RMB 249,900.

China's purchase subsidies for NEVs expired at the end of 2022 and had not been renewed.

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Ford offers up to $5,740 discount on Mustang Mach-E in China

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China launches nationwide promotions to boost auto consumption

The moves include holding auto festivals in 100 cities and promoting consumption of NEVs in rural areas.

China launches nationwide promotions to boost auto consumption-CnEVPost

(Image credit: CnEVPost)

China has launched a nationwide promotion covering the rest of the year to boost auto consumption, which is critical to economic growth.

The Ministry of Commerce (MOC) announced specific arrangements in a notice issued today on a campaign to promote auto consumption, including holding auto festivals in 100 cities and promoting new energy vehicle (NEV) consumption in rural areas.

The MOC will promote local governments and enterprises to introduce initiatives to support auto consumption, use local financial resources, and encourage financial institutions to introduce auto credit financial support measures, according to the notice.

The MOC will organize the launch of the NEV consumption season campaign in the near future and guide various NEV consumption promotion activities in rural areas.

Car companies are encouraged to launch practical models suitable for rural areas, and the MOC will coordinate and promote the improvement of charging infrastructure systems in rural areas.

The China Association of Automobile Manufacturers (CAAM) was asked to organize auto companies to participate in these activities and to introduce preferential initiatives for car purchases, according to the notice.

At the same time, the notice stressed that local government departments should do their part in reviewing fair competition for support policies, including subsidies, that are planned to be introduced to ensure they are universally applicable to all enterprises.

The campaign will run from June to December, according to the notice.

The move comes at a time of weak growth in Chinese auto sales, with the sector facing challenges after state subsidies expired at the end of last year.

China's retail sales of passenger cars rose 28.6 percent to 1.74 million units in May, up 7.3 percent from April, according to data released earlier today by the China Passenger Car Association (CPCA).

China launches nationwide promotions to boost auto consumption-CnEVPost

From January to May, China's passenger car retail sales were 7.63 million units, up 4.39 percent year-on-year.

NEVs fared slightly better, but at a significantly lower rate than last year.

Retail sales of new energy passenger vehicles in China were 580,000 units in May, up 60.9 percent year-on-year and up 10.5 percent from April, according to the CPCA.

From January to May, retail sales of passenger NEVs in China were 2.42 million units, up 41 percent year-on-year. For comparison, last year's January-May passenger NEV retail sales grew 117.21 percent year-on-year.

China launches nationwide promotions to boost auto consumption-CnEVPost

China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show

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China contributes 56% of global EV sales in Q1, Counterpoint says

The US overtook Germany as the world's second-largest EV market in the first quarter, while China remained in the lead, Counterpoint said.

(Image credit: CnEVPost)

In the first quarter, the US overtook Germany as the world's second-largest electric vehicle (EV) market, while China still holds the lead, market research firm Counterpoint Research said in a report yesterday.

Global passenger EV sales grew 32 percent year-on-year in the first quarter, with one in seven vehicles sold in the quarter being electric, the report said.

Global EV sales were largely driven by China with 56 percent of total EV sales in the first quarter coming from this market, said Abhik Mukherjee, a research analyst at Counterpoint.

In China, while overall passenger vehicle sales fell 12 percent in the first quarter, EV sales rose a remarkable 29 percent year-on-year, the report said.

The removal of subsidies for NEV purchases in China led to lower-than-expected EV sales in January.

cut prices on its models globally in January, and then other car brands announced similar price cuts on their models starting in February, which led to improved sales of EVs, the report said.

During the February-March period, nearly 40 automakers, including , , , Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, cut the prices of their vehicles by hundreds to tens of thousands of dollars, which eventually stoked a competitive price war in China, the report noted.

Initially, it was thought that the price war would soon be over and the automakers would benefit from increased sales. However, as the price war continues to stretch, several Chinese automakers have reported reduced earnings or even losses, according to the report.

Globally, battery electric vehicles (BEVs) accounted for 73 percent of all EV sales in the first quarter, while plug-in hybrid electric vehicles (PHEVs) made up the rest.

The top 10 EV models accounted for 37 percent of total passenger EV sales in the first quarter, with Tesla's Model Y remaining the world's best-selling model, followed by Tesla's Model 3 and BYD's Song, Counterpoint said.

In the first quarter, Tesla's Model Y became the world's best-selling passenger car model, even surpassing traditional fuel cars, according to the report.

By the end of 2023, global EV sales are expected to exceed 14.5 million units, said Soumen Mandal, senior analyst at Counterpoint, adding that US EV sales are expected to grow significantly this year with the implementation of the tax credit subsidy.

China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show

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China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show

NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent a year earlier and up from 32.3 percent in April.

Retail sales of new energy passenger vehicles (passenger NEVs) in China were 580,000 units in May, up 60.9 percent year-on-year and up 10.5 percent from April, according to data released today by the China Passenger Car Association (CPCA).

This is higher than the preliminary figure of 557,000 units announced by the CPCA on June 7, and in line with its estimate released on May 23.

Battery electric vehicles (BEVs) accounted for 388,000 in May, or 66.9 percent of all NEV retail sales. This was up 44.9 percent year-on-year and up 7.5 percent from April.

Plug-in hybrid vehicles (PHEVs) accounted for 192,000 units in May, contributing 33.1 percent of NEV retail sales, an increase of 109.1 percent year-on-year and up 17.22 percent from April.

Retail sales of all passenger vehicles in China were 1.742 million units in May, up 28.6 percent year-on-year and up 7.3 percent from April.

NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent in the same month last year and up from 32.3 percent in April.

The penetration rate of NEVs was 57.1 percent for local brands, 23.0 percent for luxury brands and 4.0 percent for mainstream joint venture brands.

From January to May, retail sales of passenger NEVs in China were 2.42 million units, up 41 percent year-on-year.

Wholesale sales of passenger NEVs in China were 673,000 units in May, up 59.4 percent year-on-year and up 11.5 percent from April.

This means that the penetration of NEVs at wholesale in May was 33.7 percent, up 7.2 percentage points from 26.5 percent a year ago and down from 33.9 percent in April.

The penetration of Chinese domestic brands' NEVs at wholesale in May was 50.4 percent, compared to 33.6 percent for luxury brands and 4.3 percent for mainstream joint venture brands.

From January to May, wholesale sales of passenger NEVs in China were 2.78 million units, up 48 percent year-on-year.

In May, China exported 92,000 passenger NEVs, of which BEVs accounted for 92.6 percent. This represents a year-on-year increase of 135.7 percent, up 1.2 percent from April, and contributed 30.5 percent of all passenger vehicle exports.

Looking ahead, the CPCA believes it would be normal if Chinese passenger car sales in June were lower than a year ago, as China halved the purchase tax on major fuel vehicles starting June 1 last year, allowing for a big increase in sales that month.

BYD confident of gaining higher market share in next 3-5 years, says president

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