" the economy is slowing, but it also shows EV sales are increasing"
Does anybody find that strange?
It reminded me of an observation I made a couple of years ago when the RBA was desperately trying to curb consumer spending in order to slow down inflation. For a long time increasing the interest rate had no effect - and nobody explained why.
This is my explanation (though I am no economist):
a small change in prices or small economic downturn is not going to affect people who are reasonably well off. The other people who are living close to hand to mouth are only spending on necessities so they too are unlikely to cut their spending - only when prices become unbearable will they tighten the belt and start doing without some basics.
But guess what: the people who buy EVs in China are the far more affluent ones, and they are unlikely to be affected by a small economic downturn, hence why EV sales keep rising. IMO.
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