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NEV sales rebound 29% from January as automakers start price war","china-nev-sales-rebound-29-from-january-as-automakers-start-price-war","article/china-nev-sales-rebound-29-from-january-as-automakers-start-price-war",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":658,"featured":51,"reporter":659,"_editable":663,"component":664,"seo_title":553,"categories":665,"visibility":669,"author_company":49,"featured_image":670,"seo_description":658,"author_full_name":49,"author_job_title":49,"formattedDate":675,"formattedArticleDate":676},"4207f29a-50ad-489e-b6b5-19ac5f335077","2023-03-14 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",[576,593,598,603,608,613,620,625,630,643,648,653],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Sales of new energy vehicles in China rose by 29% in February from a month earlier, as a number of automakers cut prices in the world’s largest electric vehicle market following a ","text",{"text":584,"type":582,"marks":585},"weak start to the year",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/china-nev-sales-fall-by-48-in-january-hitting-battery-raw-material-prices","url",{"text":592,"type":582},".  ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"Wholesale sales of new energy vehicles rose 56% year-on-year to 525,000 units, the China Association of Automobile Manufacturers (CAAM) said last week. The jump was about 28.7% over January.",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The rebound reflects the impact of a acclerating price war among automakers, which is helping to compensate for the end of government subsidies in January. Tesla was first to cut prices in China in January, while this week Volkswagen also announced it was cutting sales prices for some Chinese models. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"“Sales in February were pulled up because OEMs decided to have a price discount following Tesla’s price cuts,” said Albert Li, analyst with Benchmark.",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"Sales in January and February rose by 22% compared to the first two months of last year. ",{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":582},"On track for 9 million units ",{"type":577,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":582},"Electric passenger car and electric light duty vehicle sales in China are forecast to reach 9 million units by the end of 2023, compared to 6.2 million units last year, according to Rho Motion.",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"“People are still buying NEVs for sure and the NEV is taking over traditional ICE market share. Subsidy was retired in phases and the phase-out plan was announced and expected. In addition, the price war will eliminate the impact of subsidy cuts,” said Frank Du, analyst at Rho Motion.",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633,635,641],{"text":634,"type":582},"CATL, the world’s largest battery maker, has also ",{"text":636,"type":582,"marks":637},"contributed to the escalating price wars",[638],{"type":587,"attrs":639},{"href":640,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/catl-starts-battery-price-war-with-low-cost-lithium-offer",{"text":642,"type":582}," with plans to offer select electric vehicle makers discounts. ",{"type":577,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":582},"The battery maker had in February offered select automakers batteries containing lithium priced as low as RMB 200,000 a tonne ($29,146) in turn for them placing at least 80% of their future orders with the company in the next three years.",{"type":577,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":582},"However, Li said that producers of internal combustion engine cars are also offering price discounts to consumers, increasing competition for electric vehicles. ",{"type":577,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":582},"“It is difficult to predict what cars consumers will consider to buy but it is obvious that 2023 will be a year full of fierce competition, not just among NEV brands, but also between NEV and ICE cars,” Li said.","Sales of new energy vehicles in China rose by 29% in February from a month earlier, as a number of automakers cut prices in the world’s largest electric vehicle market following a weak start to the year. Wholesale sales of new energy vehicles rose 56% year-on-year to 525,000 units, the China Association of Automobile Manufacturers […]",[660],{"slug":565,"name":566,"content":661},{"job_title":568,"image":662,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4207f29a-50ad-489e-b6b5-19ac5f335077\", \"id\": \"\"}-->","article",[666],{"slug":667,"name":668},"ev","EV","private",{"id":49,"alt":671,"name":671,"focus":671,"title":671,"source":671,"filename":672,"copyright":671,"fieldtype":673,"meta_data":674,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/39e3ab04a1/bm-byd-han.jpg","asset",{"alt":671,"title":671,"source":671,"copyright":671},"Mar 14, 2023","14th March 2023",[],[],1792756383761]