(Yicai Global) Nov. 11 -- Shares of Chinese electric carmakers fell today after figures showed sales of new energy vehicles in China slumped for a fourth month in October, tumbling almost 46 percent, amid a phased reduction of government subsidies to producers.
BYD [SHE:002594], the country's leading manufacturer of NEVs, lost almost 2.1 percent to close at CNY43.95 (USD6.27), coming back from a 2.8 percent drop, while China's No. 1 maker of electric-only cars, BAIC BluePark New Energy Technology [SHA:600733], fell 2.9 percent to CNY5.30. In pre-market trading in New York, Nio [NYSE:NIO] also fell.
Total sales of NEVs in the country stood at just 75,000 units last month, the China Association of Automobile Manufacturers said in a statement today. The decrease was 11.4 percentage points steeper than in September.
But the decline in passenger vehicle sales slowed, dropping 5.8 percent to 1.93 million units, the CAAM's data showed. The decline was 0.5 point less than the previous month.
Editor: Emmi Laine