China’s car market is in meltdown, but EV sales are up nearly 40% in 2024

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In the initial 10 days of March, China experienced a notable surge in sales of new energy vehicles (NEVs) as the disruptions caused by the New Year holidays subsided. Between March 1st and 10th, retail sales of passenger NEVs in China totaled 154,000 units, marking a 39 percent increase compared to the corresponding period last year and a 64 percent rise from the preceding month, as reported by the China Passenger Car Association (CPCA) today.

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