Price war fears grip China’s EV market after woeful July sales figures
Three premium Chinese electric car makers saw sales decline in July, intensifying concerns that the industry is heading for another discount war.
Source excerpt
The bearish sentiment surrounding China’s electric vehicle (EV) sector has intensified after three premium carmakers reported weak sales for July, further heightening concerns that the market is heading for another brutal price war.
EV makers Xpeng, Nio and Li Auto all reported month-on-month sales declines last month, as demand for intelligent cars weakened amid an economic slowdown in mainland China.
Xpeng delivered 38,027 vehicles to customers in July, down 5.2 per cent from June, as the firm’s four-month streak of increases came to an end.
Nio also saw its monthly sales falter after posting back-to-back increases in May and June, with deliveries down 11.5 per cent month on month at 35,934 in July.
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