Growth in China’s EV-Market Is Set to Slow for a Second Year

(Bloomberg) — The growth of China’s electrified-car market is projected to slow for a second year in 2024 as the country’s patchy economic recovery from the pandemic dampens consumer demand.

Shipments of battery and plug-in hybrid vehicles to dealers are projected to increase 25% to 11 million units this year, according to the China Passenger Car Association. While still expanding, this is a slowdown from 36% growth in 2023 and a 96% pace in 2022 — the last year the government handed out subsidies for electrified cars.