China's New EV Sales Fall 38.8% In January 2024

China's new energy vehicle (EV) sales fell 38.8% compared to the previous month, marking the first such drop since August 2023, according to industry data reported by Qiaoyi Li, Zhang Yan, and Sarah Wu for Reuters.

Vehicle sales, including exports, totaled 2.44 million units, up 47.9% from a year earlier but down 22.7% from December. I Photo: BYD Facebook

Vehicle sales, including exports, totaled 2.44 million units, up 47.9% from a year earlier but down 22.7% from December, according to data from the China Association of Automobile Manufacturers (CAAM).

New energy vehicle (NEV) sales, accounting for 29.9% of total sales, grew 78.8% year-on-year in January, the data showed.

CAAM data tracks automakers' sales to dealers and includes commercial vehicles such as trucks unless specified.

In January of last year, passenger vehicle sales in China plunged 37.9% year-on-year and slumped 40.4% month-on-month, marking the worst performances for January since the 2000s, according to the China Passenger Car Association (CPCA), as subsidies and tax cuts ended.

Sales were also affected by shortened business days as the week-long Chinese New Year fell in January last year.

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