China's Car Buyers Pull Plug On EV Sales
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By YANG JIAN
August 8, 2019;
Complete Automotive News Article: China's soft market turns brutal for domestic brands
...The sobering truth is that consumers have little interest in electrified vehicles without sufficient government subsidies.
Most domestic Chinese carmakers, spurred by generous government subsidies, have allocated much of their resources on launching electrified vehicles in the past few years.
It has turned out to be an ill-conceived strategy.
On June 25, Beijing finished slashing subsidies by more than 50 percent for EVs and plug-in hybrids.
The move has put an instant chill on demand for those vehicles.
In July, sales of EVs and plug-in hybrids at BYD Co., China’s largest electrified vehicle maker, dropped for the first time this year, declining 12 percent from a year earlier.
Another major domestic EV maker, Jianghuai Automobile Co., saw its EV sales plunge 66 percent last month.
The sobering truth is that consumers have little interest in electrified vehicles without sufficient government subsidies.