However, concerns have arisen in the market this year. The China Association of Automobile Manufacturers revealed that in January, China’s domestic retail sales of passenger cars were 2.1 million units, a 13.9% decrease from the previous month, while sales of new energy vehicles saw an even larger decline, dropping by 40% to 668,000 units month-on-month. This sudden drop in sales occurred during the prime car-buying period before the lunar New Year, with some well-known brands such as BYD, NIO, and XPeng experiencing month-on-month declines of more than 40%.
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No Buyers, No Sales, China’s EV Market Kicks off a Frenzied Price War, Tesla Loses $46.1B Overnight
