China Green Bulletin: EV Sales Dip on Scaled-Back Incentives, Green Lending Maintains Strong Growth
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China’s EV market downshifts on scaled-back incentives in January
China’s electric vehicle (EV) industry developed rapidly in 2022. The sales volume of new energy vehicles (NEVs), which include EVs and hybrid vehicles, reached 6.9 million, ranking first globally. However, sales have dwindled as the government dropped subsidies for the industry. From Jan. 1 to Jan. 27, retail sales of EV and hybrid passenger cars plunged 43% from the same period last month and 1% year-on-year to 304,000 vehicles.
Caixin Insight, the research arm of Caixin Global, is a strategic advisory helping clients assess policy risk and macroeconomics in China.
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