After a tough H2 2019 it now appears the EV slowdown is over. The US-China trade war Phase 1 deal agreed to in mid December 2019 appears to have been the catalyst for electric vehicle (EV) buyers to have confidence to buy EVs again.
China EV sales in December 2019 were about double November 2019
Chinese New Energy Vehicle (NEV) sales were recently reported to be 163,000 in December 2019, which is sharply up from November 2019 sales of 83,000. In fact, it is a 96% increase month on month.
Given the trade war Phase 1 deal was announced on December 13, 2019, it appears that the renewed confidence has helped December 2019 China NEV sales already.
China suggests no significant subsidy decreases in 2020
On January 11, 2020, Reuters reported: “China will not cut NEV subsidies in July 2020 – Minister of Industry and Information Technology Miao Wei said on Saturday.”
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