China's electric vehicle registrations fell nearly 20% in Q1 following subsidy expirations, while Germany's top five automakers saw their market share plummet to a record low of 1.6%.
In the first quarter of the year, new EV registrations dropped by nearly 20 percent, leaving manufacturers grappling with idle capacity and shifting strategies. Subsidy Pullback Impacts Demand The primary driver of the downturn was the expiration of tax rebates on new purchases, which had previously covered up to a third of the cost for entry-level models.
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Key facts:
- In the first quarter of the year, new EV registrations dropped by nearly 20 percent, leaving manufacturers grappling with idle capacity and shifting strategies.
- Subsidy Pullback Impacts Demand The primary driver of the downturn was the expiration of tax rebates on new purchases, which had previously covered up to a third of the cost for entry-level models.
- Consequently, total EV registrations in China fell to 1.2 million units for the quarter.
- The contraction has hit domestic giants hard.
