China's EV Demand Growth Set to Moderate -- Market Talk

Dow Jones05-12

0634 GMT - China's demand growth for electric vehicles is projected to moderate to around 15% this year, with penetration reaching 62%, say HSBC Global Research analysts in a note. The halving of EV purchase tax exemptions, lower replacement subsidies and a maturing adoption curve point to slower but still structurally healthy growth, HSBC says. Some late 2025 demand may roll into early 2026, but this isn't enough to alter the normalization trend given weak consumption sentiment. Higher pump prices are supportive for EV economics, but fuel cost was never really an impediment to adoption, HSBC adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

May 12, 2026 02:34 ET (06:34 GMT)

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Some late 2025 demand may roll into early 2026, but this isn't enough to alter the normalization trend given weak consumption sentiment. Higher pump prices are supportive for EV economics, but fuel cost was never really an impediment to adoption, HSBC adds. 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The halving of EV purchase tax exemptions, lower replacement subsidies and a maturing adoption curve point to slower but still structurally healthy growth, HSBC says. Some late 2025 demand may roll into early 2026, but this isn't enough to alter the normalization trend given weak consumption sentiment. Higher pump prices are supportive for EV economics, but fuel cost was never really an impediment to adoption, HSBC adds. 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