China’s buying spree for electric vehicles (EVs) drove record sales for top players BYD, Nio, Xpeng, Li Auto, Leapmotor, and Geely’s Zeekr in December. The 20,000 yuan ($2,740) subsidy for replacing oil-guzzling cars with EVs encouraged customers to buy ahead of the year-end, as they sought to benefit from the incentive before its expiration. However, sales momentum may not be sustainable after 2025 when the subsidy ends, due to budget-conscious consumers’ reluctance to spend on big-ticket items amid slowing economic growth.
Source: https://www.scmp.com/business/china-business/article/3293119/december-ev-sales-byd-nio-xpeng-li-auto-leap-zeekr-soar-chinas-buying-spree