New Electric Vehicle Sales in China Fall by 18.6 Pct After Subsidy Cut
Sales of new energy vehicles (NEVs) in China fell 18.6 per cent month-on-month in January after the country cut subsidies for NEVs by 30 per cent, industry data showed on Friday.Sales of NEVs, which include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, in January reached 431,000, representing an annual increase of 135.8%, according to data of the China Association of Automobile Manufacturers (CAAM).December sales surged as buyers rushed in ahead of a subsidy cut that…