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BYD Sees Sharp Drop in New-Energy Car Sales in November

By Ding Yi / Dec 09, 2019 06:49 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese automaker BYD saw its new-energy vehicle sales more than halve in November compared to the same period last year, as reduced government subsidies dampen buyers’ interest in the more eco-friendly cars.

Sales of new-energy vehicles (NEVs) dropped to 11,220 units in November from 30,076 units in the same month in 2018, the company said in an announcement on the website of the Hong Kong Stock Exchange on Friday.

Sales of battery-powered vehicles and plug-in hybrids fell to 8,000 units and 2,675 units respectively last month.

The carmaker also saw its total car sales nosedive for the month, dropping to 41,295 units from 50,982 units a year ago.

The November drop followed a slump in October, when BYD delivered 12,567 new-energy cars, more than 50% fewer than the same month last year.

Since the beginning of this year, the Chinese government has cut subsidies for new-energy car producers, asking companies to shift focus to innovation rather than using the subsidies to simply attract buyers. The measures have dragged heavily on new-energy car sales in the country. China began subsidizing purchases of new-energy cars in 2009.

Contact reporter Ding Yi (yiding@caixin.com)

Related: BYD Suffers NEV Sales Slump in October

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