China: EVs Still Soaring, Defy Subsidy Cut

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China’s enthusiasm for electric vehicles (EVs) shrugged off a hefty reduction in government subsidies since the start of this year, mirroring similar enthusiasm in Europe. China EV sales surged by another triple-digit rate in the opening month of 2022 as economies of scale and greater public acceptance significantly offset the cost impact from lower subsidies. Defying the 30% subsidy cut, Chinese car buyers snapped up some 431,000 EVs (including pure-electric, plug-in hybrid and fuel-cell models) during January, according to latest data from the China Association of Automobile Manufacturers (CAAM). While down from the all-time peak of 530,000 units in December, the January sales figure still represented a 136% surge from the same month in 2021. By contrast, national average auto sales growth was a comparably lame 0.9%.

Electric Vehicles, Mobility
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