China’s EV Market Downshifts on Scaled-Back Incentives

Electric vehicle (EV) sales in China have lost much of last year’s momentum now that the government has scaled back incentives for the industry, industry data show.

From Jan. 1 to Jan. 27, retail sales of EV and hybrid passenger cars plunged 43% from the same period last month to 304,000 vehicles, down 1% from a year earlier, according to data from the China Passenger Car Association (CPCA), an industry group.