"Historically, expiration of subsidies at the year-end leads to a decline in EV sales in the initial few months of the year before momentum picks up," Citi analysts wroteChina has been phasing out its EV subsidies since 2018, with notable cuts taking place in May 2018 and June 2019. The May 2018 cut resulted in June sales falling approximately 25% month-on-month before rebounding just one month later. While the June 2019 cut triggered a sharp 50% fall in month-on-month sales in July, sales still managed to trend upwards from November onwards."We do believe this is likely to impact EV growth rates, but we see this as a deceleration rather than decline in demand," Citi analysts said.
Definitely an impact but second half of year by this analyst expected to improve.
Article March 7 2023 Market Index.
Spot Prices, page-4
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