Chinese EV makers’ losses mount as rising sales fail to offset steep discounts

Quick Summary:

EVs account for more than half of new car sales in mainland China, but brands including Xpeng, Zeekr, Leapmotor and Xiaomi face a long road to profitability.

In February, BYD, the world’s largest EV maker, fired the first salvo in the price war on the ­mainland, slashing the prices of nearly all its cars by 5 to 20 per cent.

The EV penetration rate in mainland China exceeded 50 per cent for the first time in July, propelled by government incentives and fast-expanding charging infrastructure.

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Article Details

Author / Journalist: Daniel Ren

Category: Business

Markets: Hong KongChina

Topics: Quarter Cent Market Billion Mainland Yuan Price July Sales Loss China

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-23 @ 18:45:16 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 893 words

Reading Time: 5 minutes read

Sentences: 32 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22227496

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