However, sales of new energy vehicles (NEVs) continued to grow, with an 80% uptick in June to 152,000 vehicles, bringing NEV sales in the first half to 617,000, an increase of almost 50% from a year earlier.
NEVs include plug-in hybrids, battery-only electric vehicles and hydrogen fuel cell vehicles. China, blighted by air pollution, has been a keen supporter of NEVs, requiring automakers to meet production quotas.
Last year, NEV sales in the country jumped almost 62% even as the broader market shrank.
GXY Price at posting:
$1.31 Sentiment: Buy Disclosure: Held
