Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Shanghai-Based Robot Developer Closes $46 Million Funding Round
Trending in China: Top Broadcast Exec Questions if Esports Are Really a Sport – Cue Heated Debate
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Jordan Slam Dunks on Copycat Chinese Sportswear Brand Forcing Them to Change Their Name
Trending in China: Will ‘Chinese Baijiu’ Name Change Propel It To Global Dominance?
EHang Pioneers Self-Flying Drones for Tourists in Greater Bay Area City
TCL Squashes Rumours it is Withdrawing From North America Amid Empty Shelves
Chinese PE Fund Manager CICC Capital Secures $649m Second Close of Biomedicine Fund
WeRide Receives $310 Million as Beijing Opens Highways to Autonomous Car Tests
China’s Orchid Asia Leads Funding in Delivery Platform Fantuan, Edtech Startup Ivydad
U.S.-Listed Video Streamer Bilibili Files for Secondary Listing in Hong Kong, CNBC Reports
Dining Delivery Pay Dispute Leads Man to Set Himself on Fire
PayPal Becomes First Foreign Company to Offer Digital Payments in China
Tesla Rival Xpeng Motors Into New Year Fueled By New Credit Line
China’s Smartphone Shipments Fall Nearly 13% in December Amid Virus Flare-Up
Trending in China: Weibo Fails to See the ‘Funny Side’ of Sexual Harassment
Luxury Retailer Secoo Looks to Join Exodus of Chinese Companies from U.S. Stock Exchanges
Chinese Biotech Firm VISEN Raises $150m Led by Sequoia Capital China
March Sales Dive for Two Chinese NEV Giants

By Ding Yi / Apr 10, 2020 01:38 PM / Economy

Two of China’s top electric carmakers reported significant year-on-year sales drops last month, as consumers put spending on hold after Beijing scaled back subsidies in mid-2019 and the Covid-19 outbreak also dampened spending.

In March, BAIC BJEV sold 5,992 new energy vehicles (NEVs), representing a year-on-year decline of 66.1%. Rival carmaker BYD also released gloomy figures for the month, selling 12,256 NEVs, down by nearly 60% compared to the same period of last year.

Total NEV sales by manufacturers to dealers in China dropped 49.2% year-on-year to 56,000 units in March, according to statistics released by the China Passenger Car Association.

However, there are some signs of hope. While March year-on-year sales fell for the two companies, the figures were up significantly compared to February, when the coronavirus pandemic crippled production of many carmakers in China. In February, BAIC BJEV and BYD shipped just 1,002 and 2,803 NEVs, respectively.

The effect of the plummeting sales has spilled over to China’s vehicle battery producers including leader Contemporary Amperex Technology (CATL), which has projected that its first-quarter net profits will drop by 20% to 30% year-on-year thanks to the coronavirus and sluggish NEV sales.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Nio Car Deliveries Rebound in March


Share this article
Open WeChat and scan the QR code