China’s August sales of electric vehicles and hybrids grew at the slowest pace in one and a half years as the government continues efforts to halt punishing price wars, reports Reuters. EV and hybrid sales outstripped gasoline cars for the sixth straight month in August, but annual growth cooled to 7.5% from 12% in July, China Passenger Car Association (CPCA) data showed on Monday.
That was the smallest gain since February 2024, when the segment registered an 11.6% sales decline owing to shifting timings of the week-long Chinese New Year holiday.
Overall car sales totalled 2.02 million vehicles last month, up 4.9% year on year for the slowest growth in seven months.
Car sales are set for slower growth in the fourth quarter, said Cui Dongshu, secretary-general at CPCA, citing a government call against excessive competition that he said will “resolve issues facing the industry”.