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China's Car Sales Rebound as EV Sales Hit 1.288 Million, BYD Targets Europe Amid 45% Tariffs

Oct 12, 2024, 08:01 AM

China's car sales have rebounded, snapping a five-month decline due to government subsidies and a pro-consumption drive. In September 2024, electric vehicle (EV) sales in China surged by 48% compared to the same month in 2023, setting a new monthly record of 1.288 million units. EVs now account for over 50% of China's auto sales, with EVs and plug-in hybrids making up 52.8% of overall sales. Retail sales of passenger vehicles increased by 4.5% from a year earlier. BYD, China's bestselling car brand, plans to enter the European market with prices starting at €25,000 ($27,340) and aims to begin production in Hungary by 2025. Meanwhile, the European Union has imposed 45% tariffs on Chinese-made EVs, leading to ongoing negotiations between China and the EU, which have yet to reach a mutually acceptable solution.