Correct. In general car sales have been down for the last seven months in China I believe. BUT EV sales have rocketed and are up some 65% on last year. Even though EV sales are booming being such a small market share it doesn’t effect the overall car sales figures which are in decline. This fall since early this year is first for China and certainly shows the start of the disruption ahead.
This is what they forecasted would happen. More and more people will sit on their old ICE vehicles in wait of an affordable and suitable EV. Thus sales of new ICE vehicles drop while the EV market evolves and takes a greater share of sales.
I would imagine in several years the range of EVs will have doubled and they will be very affordable.
People predicting the end of ICE sales in 2026 are wrong, it will happen much earlier and will be faster.
Nearly all mayor car makers have committed to a least producing a Electric version of all their models, some plan to go all electric. The exceptions being GM and Ford, if they don’t pull their heads out of the sand soon Tesla and the other newbies are going to have a whole lot of cheap factory space to develop and produce their EVs.
Very exciting times ahead.
GXY Price at posting:
$2.54 Sentiment: Buy Disclosure: Held
