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BYD Suffers NEV Sales Slump in October

By Ding Yi / Nov 07, 2019 04:38 PM / Business & Tech

Chinese automaker BYD saw its electric-car sales nosedive in October, seven months after the government cut subsidies for new-energy vehicles (NEVs).

The company shifted 12,567 NEVs last month, more than 50% fewer compared with the same period a year earlier, according to BYD’s earnings report released Wednesday.

Sales of pure-electric vehicles and plug-in hybrids fell to 7,588 and 4,454 units respectively. Last October, BYD sold 12,980 pure-electrics and 13,086 plug-in hybrids, the report said.

However, for the first 10 months of 2019, BYD actually grew its overall NEV sales to 205,187, up 19.9% year-on-year, according to the report.

In March, China’s Ministry of Finance started slashing subsidies for NEVs in a bid to streamline the industry and make it more competitive. After a three-month transition period that ended in June, total NEV sales in China tumbled 4.7% year-on-year in July, according to statistics from the China Association of Automobile Manufacturers, the country’s biggest auto industry association.

Contact reporter Ding Yi (yiding@caixin.com)

Related: China’s Electric-Vehicle Manufacturers Fight for Their Lives After Subsidies Slashed

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