Etiqueta: SAIC

STORY: Volkswagen reclaimed car sales dominance in China, the world's largest auto market, in the first two months of this year.Toyota also regained ground with both overtaking local electric vehicle champion BYD, which fell to fourth, amid fading subsidies for greener cars.VW's Chinese joint ventures with FAW and SAIC held a combined 13.9% share of the country's passenger vehicle market in sales terms followed by Geely with 13.8% and Toyota's joint ventures with GAC and FAW.The data on Friday came from the China Passenger Car Association.VW had previously struggled to catch up with local rivals in EVs.But the comeback came as purchase tax exemptions on electric cars expired and Beijing scaled back subsidies for trading in EVs.VW said on Friday it has begun mass production of its first model co-developed with Chinese partner Xpeng.Other data on Friday showed global EV registrations fell 11% in February, dragged by China's largest sales drop since the onset of the COVID-19 pandemic.It's also as governments worldwide hit the brake on policies designed to encourage purchases of electric cars.

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