New electric vehicle (EV) sales in China plunged in November for the fifth consecutive month, extending a decline that we’ve been highlighting for the past 1.5 years. Last month, we noted how China’s EV bubble continues to deflate, mostly due to a reduction in government subsidies over the summer. China’s EV slump in November was shocking, and sales plunged 43.7% on year to 95,000 units after October recorded one of the fastest declines for the year, reported China Association of Automobile Manufacturers (CAAM). CAAM said last month that EV sales plunged 45% in October Y/Y. “Because of the insufficient demand of the domestic market, the pressure for automakers to upgrade their technology to the national standard, and the major subsidy cuts for new energy vehicles, the recovery of production and sales is still limited,” said Chen Shihua, assistant secretary-general of CAAM. CAAM warned that the EV market would continue […]