“More consumers believed it was the right time to make their purchase decisions,” said Zhao Zhen, a sales director at Shanghai-based dealer Wan Zhuo Auto. “But worries are mounting that sales would decline sharply when the carmakers stop offering big discounts.”
Companies cut prices on a total of 70 EVs and petrol cars in the final week of May, according to the 21st Century Business Herald newspaper, capitalising on state subsidies to draw buyers. Beijing offers a 20,000 yuan (US$2,790) trade-in rebate for EV purchases and 15,000 yuan for petrol-powered cars. EV buyers are also exempt from paying a 10 per cent sales tax.
03:30
Global carmakers cede world’s largest auto show to Chinese EVs
Global carmakers cede world’s largest auto show to Chinese EVs
Geely, which makes petrol- and electric-powered cars, delivered 1.41 million vehicles in China and abroad from January to June, a 47.5 per cent surge from a year earlier, according to its exchange filing on Tuesday. The firm raised its full-year target by 11 per cent to a record 3 million units, the filing showed.
The Hangzhou-based firm in east Zhejiang province said its budget EV brand Galaxy recorded a 232 per cent year-on-year sales surge to 548,408 units in the first six months, while its premium EV unit Zeekr registered a 14.5 per cent jump to 244,877 units.
