Hyperdrive
China's EV Growth Forecasts Are Starting to Look Shaky
Lockdowns and supply chain snarls have combined to cloud the outlook for electric-car sales.
A near-empty highway during Shanghai’s lockdown.
Source: Qilai Shen/BloombergThis article is for subscribers only.
Optimism this would be a banner year for the world’s biggest electric-car market is starting to wane. After all, who wants to spend big bucks on a vehicle right now in China?
Shanghai’s grueling two-month lockdown and whack-a-mole restrictions in cities from Beijing to Tianjin have had a deleterious effect on consumer confidence and left the economy reeling. In fact, not a single car was purchased in Shanghai in April — not surprising given no one could leave their homes and dealerships were closed.