EV Sales Defy China Spending Slump as Price Cuts Lure Buyers

(Bloomberg) — Electric vehicles remain a bright spot in China’s auto market as manufacturers of battery-powered cars overcame a slump in consumer spending at home thanks to price cuts and new model launches.

The leading manufacturers, from BYD Co. to Nio Inc., all reported strong sales growth in May. Seres Group Co., which works with Huawei Technologies Co. to make the popular Aito EVs, saw the biggest increase by delivering 34,100 cars, almost triple the amount from the same time last year. Nio reported a 234% increase in units sold, while Zeekr Intelligent Technology Holding Ltd. saw sales more than double.