China’s electrified-vehicle market took root in 2010 after Beijing rolled out a generous subsidy program. Sales of EVs and plug-in hybrids have expanded at a breathtaking pace ever since. Yet, except for BYD, profits are nowhere in sight for many domestic companies venturing into the EV sector, be they traditional automakers or major EV startups.
New-vehicle sales by automakers operating in China rebounded for the third consecutive month in August after Shanghai, the largest domestic city, came out of a two-month lockdown and the central government halved purchase tax on gasoline cars at the start of June.
The Chinese market for new passenger vehicles expanded for the third-straight month in August in an extended rebound, the China Automobile Dealers Association said Thursday. Last month, retail sales of new sedans, crossovers, SUVs and multi-purpose vehicles industrywide jumped 29 percent year on year to top 1.87 million.