Why Are New Energy Vehicles Starting to Decline?

[CoreyAnn]

New energy vehicles are starting to decline due to the impact of the broader economic environment and the reduction of subsidies. Impact of the domestic environment: After more than 20 years of growth, China's automotive industry entered a downturn in 2018, with overall car sales cooling. At the same time, consumer enthusiasm for purchasing cars is not very high, which not only affects fuel-powered vehicles but also has a significant impact on the sales of new energy vehicles. Subsidy reduction: Now, subsidies for new energy vehicles have been reduced, and this reduction means that the prices of many new energy models will inevitably rise if there is no manufacturer subsidy. The pressure of rising prices may be passed on to consumers. Faced with higher prices for new energy vehicles, consumer enthusiasm is greatly diminished, leading to a decline in sales of new energy vehicles.