China’s EV sales growth slowed last quarter

News Snapshot:

Sales of electric passenger vehicles in China climbed 10.5% last month compared to the same time a year earlier, as automakers continue to slash prices and deepen discounts to entice consumers. China’s first-quarter sales hit 1.03 million EVs, growing 14.7% compared to a year prior, according to data from the Chinese Passenger Car Association. However, that’s the slowest quarterly growth since the second quarter of 2023. New energy vehicles (NEV) — a category that includes both plug-in EVs and battery EVs — accounted for nearly 42% of all passenger car sales in March. About 1.71 million passenger cars were sold...