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Electric-car sales fell after China scaled back purchase subsidies

Electric-car sales fell in July this year after China scaled back purchase subsidies, highlighting the role government reports ET.

The research firm Sanford Bernstein noted that monthly sales worldwide fell 14% to about 128,000 plug-in passenger electric vehicles (EV),while sales fell in China and North America, it rose in Europe.

China’s government scaled back funding for individual purchases of new-energy vehicles starting June 26 to encourage carmakers to focus on product innovation.

The publication notes that at the same time, growth in China, the biggest producer and market for electric vehicles, is slowing down as a reduction in EV subsidies and a cooling economy weigh on consumers’ buying decisions.

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