China's EV and hybrid sales growth slows to 18-month low
What's the story
China's electric and hybrid vehicle sales growth has hit a 1.5-year low in August, growing by just 7.5% annually. The slowdown comes amid government efforts to rein in aggressive price wars in the industry. Despite beating gasoline cars for the sixth consecutive month, overall car sales growth also slowed down during this period.
Market adjustments
BYD lowers sales target amid changing market dynamics
In response to the changing market conditions, electric vehicle (EV) maker BYD has lowered its sales target for this year by as much as 16% to 4.6 million vehicles. Meanwhile, Li Auto has witnessed a drop in hybrid demand, with its August sales declining year on year for the third consecutive month. Despite the slowdown in overall sales, extended-range hybrid sales in China showed a slight year-on-year increase of 0.3% after an 11.4% drop in July.
Sales performance
Some automakers recorded best sales figures in August
Sales of plug-in hybrid cars fell by 7.3%, compared to a minor dip of 0.2% in July. However, local players Geely, Xpeng, and Nio had their best month yet for EV and hybrid sales in August. Geely, a significant competitor to BYD, witnessed a whopping 95.2% annual jump in sales last month.