China EV makers surge back in March as subsidies and financing spur demand
Carmakers report strong month-on-month gains as policy support and new financing schemes lift buyer sentiment
Chinese electric vehicle (EV) makers posted a strong rebound in sales last month, shaking off the weak start to the year as local government subsidies and aggressive financing incentives drew in first-time buyers.
“The sweeping improvement in deliveries revived hopes for a steady [EV] market after a woeful performance in January and February,” said the founder of Shanghai-based data provider CnEVPost. “The sales numbers will restore industry officials and analysts’ confidence in China’s EV sector.”
Other major players, including Geely Auto and Li Auto, also recorded solid gains.
The rebound was underpinned by renewed policy support at the local level. Cities from Yangzhou in east China’s Jiangsu province, to Chengdu, the capital of southwest China’s Sichuan province, rolled out cash incentives to spur purchases.
In Chengdu, first-time car buyers can receive subsidies of up to 8,000 yuan (US$1,164).