Even Chinese EV Companies Are Struggling

China is the world’s single largest EV market, with over 5 million pure electric car registrations in 2023, but it’s not immune to the global EV sales slowdown. The many Chinese EV manufacturers that had previously been reporting consistent growth are now announcing a drop in their sales and revenue, and there’s a price war between local manufacturers that seem to be fighting for buyers. The EV segment in China is still growing, but at lower rates than it did in 2023.

However, sales picked up in March when it sold almost 140,000 EVs, and they have stayed strong through April. Even though BYD is slowing down and experiencing increasing local competition, it still posted a net profit of 10.6% in the first quarter, while its revenue increased by 4%. BYD was dethroned in Q1 2024 by Tesla, which regained its title as the world’s largest seller of EVs.

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