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NEV sales fall by 48% in January, hitting battery raw material prices","china-nev-sales-fall-by-48-in-january-hitting-battery-raw-material-prices","article/china-nev-sales-fall-by-48-in-january-hitting-battery-raw-material-prices",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":721,"featured":51,"reporter":722,"_editable":726,"component":727,"seo_title":553,"categories":728,"visibility":735,"author_company":49,"featured_image":736,"seo_description":721,"author_full_name":49,"author_job_title":49,"formattedDate":740,"formattedArticleDate":741},"8283eb4c-d22a-470b-9fe5-e02ef2d87d2d","2023-02-09 00:00",[560],{"slug":561,"name":562},"china","China",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,601,606,611,616,625,638,643,648,657,664,671,676,681,686,691,696,701,706,711,716],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591,593,599],{"text":581,"type":582},"Sales of new energy vehicles in China fell by 48% in January compared to December, highlighting the weak start to the year in the world’s largest car market, which has hit prices for ","text",{"text":584,"type":582,"marks":585},"lithium",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-happening-in-the-lithium-market","url",{"text":592,"type":582},", nickel and ",{"text":594,"type":582,"marks":595},"cobalt",[596],{"type":587,"attrs":597},{"href":598,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/video/watch/analyst-insights-cobalt-supply-and-demand-dynamics",{"text":600,"type":582},".    ",{"type":577,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":582},"Retail sales of new energy vehicles, which includes plug-in hybrids and fuel cell vehicles, fell 6% compared to the same period a year earlier to 332,000 units, the China Passenger Car Association said this week. ",{"type":577,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":582},"The official China Association of Automobile Manufacturers said sales of NEVS fell by 50% from December to 408,000 vehicles. ",{"type":577,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":582},"A combination of an early Lunar New Year festival and the scrapping of long-standing Chinese subsidies for electric vehicles has led to both the reduced demand for cars and a ramp-down in new production as factories close for the holiday.",{"type":577,"attrs":617,"content":618},{"textAlign":49},[619],{"type":620,"attrs":621},"image",{"id":49,"alt":622,"src":623,"title":49,"source":49,"copyright":49,"meta_data":624},"","https://a.storyblok.com/f/287943243085208/a544cf5745/bm-image-107-13440959399b.png",{},{"type":577,"attrs":626,"content":627},{"textAlign":49},[628,630,636],{"text":629,"type":582},"China’s largest EV manufacutrer, ",{"text":631,"type":582,"marks":632},"BYD",[633],{"type":587,"attrs":634},{"href":635,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/tesla-rival-byd-leads-chinas-electric-vehicle-sales-rebound",{"text":637,"type":582},", said sales for its battery electric vehicles dropped 36% last month from December.",{"type":577,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":582},"Reduced and uncertain demand over recent months has been reflected in the prices of the critical raw materials needed for lithium ion batteries. Cobalt and nickel sulphate prices in China dropped 4.5% and 10.8% in January owing to low and uncertain demand. Chinese lithium carbonate and hydroxide prices also fell by 10.4% and 10.2% in January.",{"type":577,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":582},"Benchmark’s latest Lithium Price Assessment found prices are continuing to fall this month as uncertainty remains over the recovery of the EV market after January.",{"type":577,"attrs":649,"content":650},{"textAlign":49},[651,653,655],{"text":652,"type":582},"Lithium carbonate prices in the Chinese domestic market continued",{"text":654,"type":582},"to fall in the week to 8 February, with technical grade material down",{"text":656,"type":582},"2.7% week-on-week and battery grade down 2.2% week-on-week.",{"type":577,"attrs":658,"content":659},{"textAlign":49},[660],{"type":620,"attrs":661},{"id":49,"alt":622,"src":662,"title":49,"source":49,"copyright":49,"meta_data":663},"https://a.storyblok.com/f/287943243085208/610dadd652/bm-image-7.png",{},{"type":665,"attrs":666,"content":668},"heading",{"level":667,"textAlign":49},4,[669],{"text":670,"type":582},"EV price war",{"type":577,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":582},"The percentage drop in electric vehicle sales in China is greater than the 38% drop seen for passenger vehicle sales of all types in the country.",{"type":577,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":582},"In response to the drop in demand due to the end of subsidies, many automakers have lowered the prices of their EVs in China. This is one reason Tesla actually saw an 18% rise in sales in January compared to December despite the general downward trend seen across China.",{"type":577,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":582},"Tesla sold 66,051 vehicles in January, according to the CPCA. ",{"type":577,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":582},"“Most OEMs have reduced their selling price of EVs, and many local governments have started their own stimulating policies for EV sales,” Albert Li, an analyst at Benchmark, said, suggesting that the downward trend could be shortlived.",{"type":665,"attrs":692,"content":693},{"level":667,"textAlign":49},[694],{"text":695,"type":582},"The coming rebound?",{"type":577,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":582},"December saw a rise in EV sales as buyers looked to purchase the vehicle ahead of the planned end of government subsidies at the start of 2023.",{"type":577,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":582},"“There is still a potential that the central government will continue to make new policies to stimulate EV industry with new subsidies or new supporting incentives,” Li said.",{"type":577,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":582},"Compared to last January, Chinese NEV sales are down 6.3%, but Rho Motion forecasts that Chinese passenger EV sales will increase 54% in 2023 compared to 2022.",{"type":577,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":582},"The CPCA said it expected sales could hit 8.5 million units this year, from 6.5 million in 2022. ",{"type":577,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":582},"The rate of growth in EV sales is expected to slow, however. Between 2021 and 2022 Rho Motion reported a 76% increase in sales and a 140% increase between 2020 and 2021.","Sales of new energy vehicles in China fell by 48% in January compared to December, highlighting the weak start to the year in the world’s largest car market, which has hit prices for lithium, nickel and cobalt. Retail sales of new energy vehicles, which includes plug-in hybrids and fuel cell vehicles, fell 6% compared to […]",[723],{"slug":565,"name":566,"content":724},{"job_title":568,"image":725,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8283eb4c-d22a-470b-9fe5-e02ef2d87d2d\", \"id\": \"\"}-->","article",[729,732],{"slug":730,"name":731},"batteries","Batteries",{"slug":733,"name":734},"ev","EV","private",{"id":49,"alt":622,"name":622,"focus":622,"title":622,"source":622,"filename":737,"copyright":622,"fieldtype":738,"meta_data":739,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/473bad142d/bm-shutterstock-2193908381.jpg","asset",{"alt":622,"title":622,"source":622,"copyright":622},"Feb 09, 2023","9th February 2023",[],[],1792773919440]