A plethora of Chinese carmakers are enjoying record sales as local buyers take the plunge on a new EV car auto cars
sold in China earlier this year. Initially, these cuts did not have a dramatic impact on sales as it is thought that many were waiting for additional cuts that never came. Those holding out for further price cuts started entering the market in mid-May, Citic Securities says.
“Chinese drivers that played a wait-and-see attitude in the first half of this year have made their purchase decisions,” Suolei advisory firm senior manager Eric Han added. “Carmakers like Nio and Xpeng are ramping up production as they try to execute more orders for their cars.” The Chinese government is also playing a role in stroking demand. It recently confirmed that new EV buyers will be exempt from a 10% purchase tax in both 2024 and 2025. This exemption was originally going to be removed at the end of 2023.
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