New energy vehicle sales in China, the world’s largest car market, fell for the third month in a row as a slowdown in the overall market expands to electric vehicles following cuts in government subsidies.
Sales of NEVs — which include hybrids and fully electric cars — sank 34.2 per cent in September from a year earlier, according to the China Association of Automobile Manufacturers.
Beijing has made expanding China’s NEV market a strategic goal and has provided strong policy and subsidy support to both buyers and manufacturers, sparking a spike in the production of cheap, low-quality electrified cars.
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