The Chinese EV market growth slowed down at the start of 2024, but evidence shows its recovery is underway.
China is the largest electric vehicle market in the world. EVs are also called new energy vehicles and battery electric vehicles . However, the combination of price cuts, European Union provisional tariffs and an uncertain macroeconomic climate caused the EV industry's growth to slow at the start of 2024. Its EV registrations dropped 45% YoY in July 2024.
Unfortunately, that was the highlight of Texas Instrument's earnings as the industry continued to soften, with sales falling in the low single digits due to continued inventory glut issues.
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