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Thank you for reading the news regarding the fall of new energy vehicle sales in China for the first time in over two years and the details of the news
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.
Sales of new energy vehicles in China fell to 80,000 units last month. This compares to an 80% growth in sales of these vehicles 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, 16.4% in May and the first annual contraction since the 1990s, due to slower economic growth and a painful trade war with the United States.
"The main reason for the decline in new energy vehicle sales in July is 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. It has reduced its forecast of new energy vehicle sales to 1.5 million, compared to a previous forecast of 1.6 million.
These are the details of the news of new energy vehicle sales in China is down for the first time in over two years so far.
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