Asia Financial’s China Electric Vehicles index has slumped 10.5% in the past month as China’s strict Covid lockdowns add to a series of woes that include rocketing inputs costs and the partial removal of government subsidies.
China EV makers saw April deliveries plunge as the impact of Shanghai’s protracted Covid lockdown hammered output. Shanghai’s efforts to contain China’s worst Covid outbreak since it erupted in Wuhan more than two years ago has crippled China’s auto sector supply chain, though China state media reported that Tesla resumed exports from the city today for the first time in almost a month.
The AF China EV index dropped 15.6% in the month of April and is down 5.4% in May. The index of 14 leading China EV makers has slumped 37% so far in 2022.