Batteries got more expensive in 2022 after years of dropping prices — and it could delay access to cheaper electric cars
Business InsiderAPR 2023
China is getting desperate to spark better auto sales and more consumer spending. The PRC's economy, which is the second largest in the world, isn’t growing as fast as it would like, so it’s attempting to artificially increase demand. If this doesn’t work, it may have to rethink its approach to the post-COVID financial world.
Things are going swimmingly for China’s economy, especially in the electric vehicle realm, so, of course, it’s going to continue offering tax exemptions. Sales of Chinese electric vehicles increased 60.2% year on year in May, and the first half of 2023 has witnessed nearly a 50% increase in purchases. The tax exemptions work.