China's passenger car sales rose 2.4% in December as consumers rushed to make use of a subsidy for electric vehicles (EV) before they expired last month, with sales likely to sharply weaken in January, an auto industry body said on Tuesday.
China's decision to end a more than decade-long subsidy for EV purchases has forced automakers, including Tesla"The market will remain extremely weak before Chinese New Year," Cui Dongshu, secretary general of the China Passenger Car Association , said on Tuesday, referring to the week-long holiday, one of China's biggest annual festivals that begins on Jan. 21.
CPCA said on Tuesday that China's passenger vehicle sales in December rose 2.4% from a year earlier to 2.19 million units. Tesla saw its December sales in China plunge 41% from a year earlier despite offering deep discounts. Tesla extended a 10,000-yuan incentive and cut car prices by 6% to 13.5% on Friday for the second time in less than three months in China, a step analysts said was a sign that a price war could be building, weighing on Chinese rivals with thinner margins.
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