China Car Sales Drop Amid Weaker Buying Over Lunar New Year

General Motors Chevrolet vehicles sit parked outside a car dealership in Shanghai on July 8, 2018. Photo: Bloomberg

(Bloomberg) — Sales of cleaner cars in China plunged in January as consumers dialed back purchases during the Lunar New Year holiday and others got in earlier in December before electric vehicle subsidies fell away.

A total of 332,000 new-energy vehicles, including pure electric cars and plug-in hybrids, were sold last month, down 48.3% from the month prior and 6.3% lower than sales in January 2022, according to final data released by the China Passenger Car Association Wednesday.