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New energy vehicle sales in the world's second largest economy fell 4.7% year-on-year in July, the first decline in more than two years, according to data from the largest badociation in the automotive industry from China.
New energy vehicle sales in China fell to 80,000 units last month, compared with 80% sales growth in June.
Total vehicle sales in the world's second largest market fell 4.3% in July, continuing its 13th consecutive month of decline, the China Automobile Manufacturers Association announced on Monday.
This follows a decline of 9.6% in June and 16.4% in May, as well as the first annual contraction of last year since the 1990s, due to a slowdown in economic growth and a painful trade war with the United States.
"The main reason for the decline in new energy vehicle sales in July was the policy change," said Chen Shehua, deputy general secretary of the Association of Automobile Manufacturers, citing China's decision to cut back on new energy vehicles. last month.
The badociation had previously said it expected China's vehicle sales to drop by 5 percent year-on-year to 26.68 million vehicles this year. (Reuters)
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