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NEV sales rise by 24% in March as price cuts stoke demand","chinas-nev-sales-rise-by-24-in-march-as-price-wars-stoke-demand","article/chinas-nev-sales-rise-by-24-in-march-as-price-wars-stoke-demand",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":649,"featured":51,"reporter":650,"_editable":654,"component":655,"seo_title":553,"categories":656,"visibility":660,"author_company":49,"featured_image":661,"seo_description":649,"author_full_name":49,"author_job_title":49,"formattedDate":665,"formattedArticleDate":666},"afd02471-6d22-44ce-a8c0-406486d4e142","2023-04-11 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",[576,593,598,603,608,617,622,627,632,639,644],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Sales of ","text",{"text":584,"type":582,"marks":585},"new energy vehicles",[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}," in China rose by 24% in March from a month earlier as an escalating price war between leading automakers helped accelerate sales in the world’s largest electric vehicle market.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"For the first quarter, sales of new energy vehicles rose by 27% from the same period last year to 1.59 million units, according to the China Association of Automobile Manufacturers (CAAM). ",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The rebound in new energy vehicle sales reflects the impact of significant price cuts and discounts offered by leading automakers such as BYD, Tesla and others in recent months as well as declining battery costs due to falling prices of critical battery materials.",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"The price cuts and other promotions have created “volatility” in the market, however, CAAM warned, saying the “economic operation of the auto industry is facing great pressure.”",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"type":612,"attrs":613},"image",{"id":49,"alt":614,"src":615,"title":49,"source":49,"copyright":49,"meta_data":616},"","https://a.storyblok.com/f/287943243085208/aa2939d59d/bm-image-122-134413178df5.png",{},{"type":577,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":582},"Overall passenger car sales rose by 9.7 percent year-on-year in March to 2.45 million units, CAAM said. ",{"type":577,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":582},"Some automakers in China have cut prices for internal combustion engine vehicles, by as much as 50% for some models, in order to shift excess inventory, particularly in advance of new emissions standards expected to come into effect on 1 July.",{"type":577,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":582},"Still overall passenger car sales fell by 7% in the first quarter to 6.08 million units, CAAM said. ",{"type":633,"attrs":634,"content":636},"heading",{"level":635,"textAlign":49},4,[637],{"text":638,"type":582},"The rise of BYD",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":582},"China’s largest electric vehicle producer BYD continued to strengthen its position this year, selling 102,670 battery electric vehicles in March, an increase of  91% year-on-year and 13% over February.",{"type":577,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":582},"Sales of new energy vehicles, which includes plug-in hybrids and fuel cell vehicles, rose by 35% in March compared to the same period a year earlier to 653,000 units, the China Association of Automobile Manufacturers (CAAM) said on Tuesday. The number also includes exports of electric vehicles. ","Sales of new energy vehicles in China rose by 24% in March from a month earlier as an escalating price war between leading automakers helped accelerate sales in the world’s largest electric vehicle market. For the first quarter, sales of new energy vehicles rose by 27% from the same period last year to 1.59 million […]",[651],{"slug":565,"name":566,"content":652},{"job_title":568,"image":653,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"afd02471-6d22-44ce-a8c0-406486d4e142\", \"id\": \"\"}-->","article",[657],{"slug":658,"name":659},"ev","EV","private",{"id":49,"alt":614,"name":614,"focus":614,"title":614,"source":614,"filename":662,"copyright":614,"fieldtype":663,"meta_data":664,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e82758b0f7/bm-li-auto.jpg","asset",{"alt":614,"title":614,"source":614,"copyright":614},"Apr 11, 2023","11th April 2023",[],[],1792773916813]