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China’s EV Sales Surge in December Amid Subsidy-Driven Buying Spree

share-iconFriday, January 03 comment-icon2 weeks ago 9 views
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scmpSCMP
China’s EV Sales Surge in December Amid Subsidy-Driven Buying Spree

Credited from: SCMP

  • Record EV Sales: Half a dozen Chinese auto manufacturers achieved unprecedented electric vehicle (EV) sales in December, amid a nationwide buying surge.
  • Government Subsidy: A **20,000 yuan** subsidy for oil replacement vehicles spurred consumers to purchase before the year's end, leading to significant sales growth.
  • Leading Brands: BYD sold **514,809 units**, while Nio and Xpeng also reported impressive monthly increases of **72.9%** and **18.8%**, respectively.
  • Future Projections: Despite the record sales, concerns about sustainability loom ahead of the subsidy expiration, with a predicted drop in sales expected next year.
  • Market Insights: Industry analysts expect EV sales in China to reach **10.68 million units** in 2024, driven by the rapid adoption of electric vehicles.

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