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China Electric Vehicles Index Tumbled 10.5% in Past Month

China’s electric vehicle makers are facing a perfect storm as Covid lockdowns add to rocketing input costs and the removal of some government subsidies.


Tesla's sales and output were hit by a move to expand the company's factory in Shanghai to boost production.
Tesla's factory in Shanghai was shut for at least two weeks in July to expand the facility's production capacity. File photo: Reuters.

 

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.

 

 

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Richa Gandhi

Richa Gandhi is a Data Journalist with Asia Financial News Group and has a special interest in data analytics. She is a post graduate in Statistics from Pune University in India. You can reach out to her on Twitter at @RichaG18.

Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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