China NEV sales growth slowed to 5.1% in 2019

SHANGHAI, Jan 10 (SMM) – China’s new energy vehicle sales rose slower in 2019, as Beijing slashed subsidies, trying to wean the sector off government support.

The China Passenger Car Association (CPCA) said on Thursday that 1.06 million new energy passenger vehicles were sold in China in 2019 in terms of wholesale volume, up 5.1% from 2018.

This marked a substantial deceleration from 2018, when sales jumped 88.5% to 1.01 million units.

In December 2019, wholesale sales of NEPVs in China surged 73.5% from November to 135,700 units. On a year-over-year basis, the sales declined 15.1% last month.