Sales of electric passenger vehicles in China rose 10.5 per cent in March from the same month a year earlier, industry data showed on Tuesday, as automakers led by popular BYD deepened discounts and offered financing tools to boost sales.
Authorities have joined automakers in trying to convince consumers to buy cars to help jumpstart a sluggish economy. Initiatives include revising car loans to promote auto trade-ins and scrapping government-set minimum down payments for new-car purchases. BYD Chairman Wang Chuanfu forecast falling profit margins this year as the price war intensifies, but said the automaker would ensure stable profitability by improving sales. It is targeting 20 per cent sales growth this year.
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