BEIJING — This year’s Shanghai auto show highlights the global industry’s race to make electric cars Chinese drivers want to buy as Beijing winds down subsidies that promoted sales.
Communist leaders are shifting the burden to automakers by imposing mandatory sales targets for electrics, adding to financial pressure on them amid a painful sales slump. Chinese purchases of pure-electric and hybrid sedans and SUVs soared 60% last year to 1.3 million — half the global total — but overall auto sales shrank 4.1% to 23.7 million.
Buyers of electrics were lured with subsidies of up to 50,000 yuan ($7,400) per car, but that support was cut by half in January and ends next year.
General Motors, Volkswagen, Nissan and other global majors are developing models to suit Chinese tastes.
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