September 2, 2019, 11:06 PM PDT
- Sales drop 14% in July to about 128,000 vehicles: Bernstein
- Slowdown highlights the effect of government subsidies
Customers look at a Tesla Motors Inc. Model S electric vehicle at the company’s showroom in Hong Kong.
Photographer: Billy H.C. Kwok/Bloomberg
Global electric-car sales fell for the first time on record in July after China scaled back purchase subsidies, highlighting the role government assistance is having on the burgeoning market.
Monthly sales worldwide fell 14% to about 128,000 plug-in passenger electric vehicles, Sanford C. Bernstein said in a report Tuesday. Sales declined in China and North America, while rising in Europe.
Source: Sanford C. Bernstein
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. China’s government scaled back funding for individual purchases of new-energy vehicles starting June 26 to encourage carmakers to focus on product innovation.