The wholesale sales of new energy vehicles (NEV) in China are expected to amount to 410,000 units in January this year, down 45 percent month on month, while remaining basically stable year on year, according to the China Passenger Car Association (CPCA).
The CPCA stated that the subsidy policy for NEV sales in China was adjusted in 2022, stimulating some consumers to buy in advance, which in turn contributed to the decline in NEV sales in January this year.
However, NEV sales will likely indicate big rises on both year-on-year and month-on-month basis in the future amid the easing of Covid-19 measures, good expectations for economic development, and the declining trend of lithium carbonate prices.