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year","chinas-nev-sales-rebound-in-march-after-slow-start-this-year","article/chinas-nev-sales-rebound-in-march-after-slow-start-this-year",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":649,"featured":51,"reporter":650,"_editable":654,"component":655,"seo_title":543,"categories":656,"visibility":663,"author_company":49,"featured_image":664,"seo_description":649,"author_full_name":49,"author_job_title":49,"formattedDate":668,"formattedArticleDate":669},"fc219924-d104-43ac-9585-276044fe4bda","2024-04-25 00:00",[550],{"slug":551,"name":552},"china","China",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"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":564,"content":565},"doc",[566,573,578,585,590,595,600,605,610,615,620,635,644],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"China’s new energy vehicle (NEV) sales rebound in March has spurred hopes that a recovery could be coming soon in the world’s largest automotive market after a slow start this year. ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"While a combination of sluggish demand and the ending of key subsidies and tax kept sales lower since the start of the year, the jump comes as a surprise given how March has typically been seen as a slow month in terms of sales. ",{"type":579,"attrs":580,"content":582},"heading",{"level":581,"textAlign":49},4,[583],{"text":584,"type":572},"What has happened?",{"type":567,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":572},"“The first quarter is historically a slow quarter for China as it typically coincides with the next stage of financial incentive phase-outs, as well as the Chinese New Year holiday,” said Luke Gear, analyst at Benchmark.",{"type":567,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":572},"“However, this year total NEV sales were up 94% year-on-year in January and increased 32% in March alone, showing signs that the recent growth deceleration over the past few quarters is stabilising,” said Gear.",{"type":579,"attrs":596,"content":597},{"level":581,"textAlign":49},[598],{"text":599,"type":572},"Have discounts pushed up sales?",{"type":567,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":572},"Electric vehicle makers led by Tesla have been offering discounts to push sales higher. Tesla lowered prices for some of its models in China in January as it competes with rival BYD, a company that has a wider portfolio of NEVs and is backed by Warren Buffett. ",{"type":567,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":572},"“The price reductions from leading automakers were the key driver,” said Gear. ",{"type":567,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":572},"“We’ve seen model price reductions up to 5% to 6% in 2024, including with already low-priced models such as BYD’s Seagull. In March, there were also reports of growth across manufacturing industries, showing signs of a recovering economy since the post-pandemic downturn,” said Gear.",{"type":579,"attrs":616,"content":617},{"level":581,"textAlign":49},[618],{"text":619,"type":572},"Battery cell prices decline",{"type":567,"attrs":621,"content":622},{"textAlign":49},[623,625,633],{"text":624,"type":572},"The global weighted average price for lithium ion cell prices is trading near $80 per kilowatt hour (kWh) for the first time in nearly three years on the back of fall in raw material prices, according to the ",{"text":626,"type":572,"marks":627},"Benchmark Lithium ion Battery Cell Price Assessment",[628],{"type":629,"attrs":630},"link",{"href":631,"uuid":49,"anchor":49,"target":49,"linktype":632},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal/?tab=table","url",{"text":634,"type":572},".",{"type":567,"attrs":636,"content":637},{"textAlign":49},[638],{"type":639,"attrs":640},"image",{"id":49,"alt":641,"src":642,"title":49,"source":49,"copyright":49,"meta_data":643},"","https://a.storyblok.com/f/287943243085208/7dd97d72c6/bm-cell-prices-chart.png",{},{"type":567,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":572},"The decline in cell prices comes as electric vehicle makers compete with each other with prices. ","China’s new energy vehicle (NEV) sales rebound in March has spurred hopes that a recovery could be coming soon in the world’s largest automotive market after a slow start this year. While a combination of sluggish demand and the ending of key subsidies and tax kept sales lower since the start of the year, the […]",[651],{"slug":555,"name":556,"content":652},{"job_title":558,"image":653,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fc219924-d104-43ac-9585-276044fe4bda\", \"id\": \"\"}-->","article",[657,660],{"slug":658,"name":659},"batteries","Batteries",{"slug":661,"name":662},"ev","EV","private",{"id":49,"alt":641,"name":641,"focus":641,"title":641,"source":641,"filename":665,"copyright":641,"fieldtype":666,"meta_data":667,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4111766412/bm-electric-vehicle-china.jpg","asset",{"alt":641,"title":641,"source":641,"copyright":641},"Apr 25, 2024","25th April 2024",[],[],1781530287594]