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BAIC Slump Persists With Bleak November NEV Figures

By Matthew Walsh / Dec 11, 2019 01:24 PM / Business & Tech

Photo: VCG

Photo: VCG

There was more grim news from BAIC on Tuesday as China’s state-owned carmaker published the latest figures showing production and sales of its new-energy vehicles (NEVs) have slowed to a crawl.

BAIC made just 2,943 NEVs in November, down a whopping 83% from the same month last year, according to a filing to the Shanghai Stock Exchange. It sold 7,005 of the next-generation autos, a year-on-year drop of 63%.

The figures brought the company’s total NEV production to 27,494 vehicles over the first 11 months of the year, a slide of 72% over the same period in 2018. Sales also slumped 11% to 113,988 vehicles.

Like other beleaguered Chinese carmakers, BAIC has struggled this year as the central government has wound down generous subsidies for NEVs in a bid to make the bloated sector more streamlined and competitive.

That sea change has sent ripples across the world’s largest auto industry, which is being further buffeted by a slowing national economy. Tariffs and trade tensions between China and the U.S. aren’t making things any easier.

In October, Warren Buffett-backed BYD — China’s largest NEV manufacturer — prompted anxious gulps from investors with the announcement that its full-year profit could plummet by as much as 43%.

Nonetheless, China retains high hopes for NEVs, with the government reportedly considering a target for 60% of all cars sold in the country to be powered by electric motors by 2035.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com)

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

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