Sales of electric and hybrid vehicles in China almost halved in October as the withdrawal of government subsidies and an economic slowdown cool the once red-hot market, reported the Financial Times.
Figures from the China Association of Automobile Manufacturers released on Monday showed that sales of new energy vehicles, which include hybrid and electric cars, were down 45.6% on the same month last year at about 75,000 units. It marked the fourth straight month of contraction in China’s NEV market and followed a 33% decline in September.
Boosting ownership of NEVs is crucial for China to achieve its stated aim of eventually banning petrol and diesel vehicles. But the country’s market for clean-energy vehicles, the world’s biggest, has faded in recent months after some subsidies intended to lure first-time buyers were phased out in June.