China’s NEV Market Shows Modest Growth in November
The latest data from the China Passenger Car Association (CPCA) reveals that new energy vehicle (NEV) retail sales in China grew by a modest 7% year-on-year to reach 1.354 million units last month, despite ongoing adjustments to trade-in subsidies.Key TakeawaysNew energy vehicle (NEV) retail sales in November were up by 7% compared to the same period a year ago.The NEV market saw a slowdown as consumers waited for further subsidy adjustments.Total passenger car retail sales dipped slightly, but NEVs continued their strong growth trajectory.Despite the positive numbers, it's clear that November wasn't quite what the industry hoped for. The CPCA noted that trade-in subsidies are phasing out in many provinces, leading to a wait-and-see attitude among consumers.The year-to-date figures paint a...