China experiences a significant increase in the number of electric cars sold.
There was a significant increase in the sales of electric vehicles in China during May. According to the China Passenger Car Association (CPCA), this is a 9.4 percent increase compared to the previous year. A total of 531,000 electric cars and 881,000 hybrid models were sold in this period.
BYD, a Chinese company, is the leading manufacturer in the country's electric car market, accounting for almost half of the sales in May. Tesla, an American automaker, came in second place with approximately 72,000 units. BYD even dethroned Tesla as the world's largest electric car manufacturer at the end of last year.
In recent times, several innovative car manufacturers have emerged in China, causing challenges for international players. At the same time, the demand for electric cars has skyrocketed, thanks to government subsidies and policies. However, the recent economic downturn has led to a decrease in consumer spending, which has compelled several manufacturers to reduce their prices, thus impacting their profit margins.
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The sales of E-cars in China saw a 9.4% boost in May, contributing significantly to the country's electric vehicle market. Despite the economic downturn affecting consumer spending, BYD, a Chinese company, continued to lead in E-car sales, surpassing Tesla's number of units.
