BEIJING (Reuters) -Sales of new energy vehicles (NEVs) in China fell 18.6% month-on-month in January after the country cut subsidies for NEVs by 30%, industry data showed on Friday.
Sales of NEVs, which include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, in January reached 431,000, representing an annual increase of 135.8%, according to data of the China Association of Automobile Manufacturers (CAAM).
December sales surged as buyers rushed in ahead of a subsidy cut that took place in January, Cui Dongshu, Secretary-General of another industry body China Passenger Car Association (CPCA) said on Monday.