China EV Growth Moderates

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Electric vehicle (EV) sales in China, while still growing, have moderated from the dizzyingly high rates posted last year after the Jan. 1 termination of central government subsidies. Sales of EVs (include pure-electric, plug-in hybrid and fuel-cell models) for March stood at 653,000 units for 35% year-on-year growth, latest data from the China Association of Automobile Manufacturers show. For comparison, the 2022 annual average EV sales growth was 94%. Conventional oil-fueled vehicles posted a weak 3% year-on-year sales growth in March, but combined January-March sales were stuck in negative territory at -23%. EV penetration as a percentage of total automobile sales was 26.6% in March, flat with the February rate and slightly higher than the 2022 average of 25.6%.

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