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China Boosts EV Subsidies Amid Slowing Economy
2024-07-26 09:00:08
Automotive
Economy

China Boosts EV Subsidies Amid Slowing Economy

Amid China's economic slowdown, Beijing has doubled EV subsidies to drive consumer spending. The country leads global EV deliveries with 60% market share, though growth is expected to drop to 20%.

Chinese EV makers are expanding into Europe to sidestep tariffs, potentially disrupting regional car markets. Calls to shift focus from competitive pricing to sustainable growth echo as incentives are deemed insufficient to spur EV sales amidst a competitive landscape.

Efforts to enhance new car purchases over used ones highlight the push towards a healthier market environment.

Related news on that topic:

China Boosts EV Subsidies Amid Economic Slowdown

As China's economic growth falters, Beijing has doubled cash subsidies for electric vehicles to stimulate consumer spending. With EV sales soaring, government incentives have propelled China to lead global EV deliveries. Despite intense competition and shrinking profit margins, industry experts urge long-term growth strategies. Meanwhile, Chinese EV makers are expanding into Europe to sidestep tariffs, posing a new challenge to regional car manufacturers. The shift towards affordable EVs aligns with the EU's 2035 target, but threatens Chinese margins if tariffs are imposed.

The press radar on this topic:

Global Economy - South China Morning Post
25. Juli 2024 um 12:03

China doubles cash subsidies to propel EV sales as economic growth falls short | South China Morning Post

Environment
Economy
Politics
Technology
Beijing doubles EV subsidies to 20,000 yuan per vehicle, aiming to spur consumption as China's economic growth slows. EV sales have been a bright spot, with 856,000 deliveries in June. Government subsidies have effectively driven China's EV sector, which accounts for 60% of global EV deliveries. China's EV industry is expected to see 20% sales growth this year, down from 37% in 2023, per Fitch Ratings forecast. A discount war among major Chinese EV makers has squeezed profit margins, prompting..
Yahoo News
26. Juli 2024 um 04:00

China’s Made-in-Europe EVs Pose New Threat to Region’s Carmakers

Economy
Finance
Technology
Chinese EV makers expanding in Europe to avoid tariffs; partnering with local firms, assembling cars from kits; EU needs cheap EVs to meet 2035 goal; Chinese EV margins could plunge under tariffs per BloombergNEF, Schmidt.
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