China’s Electric Car Boom Isn’t Filling Hole From Housing Slump
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China’s electric vehicle sector is on a tear, with sales jumping by 35% last year and exports also soaring. But that hasn’t been enough to compensate for the drag on growth from the years-long housing sector crisis.
The electric vehicle sector contributed about 1.6% to final demand in China’s gross domestic product last year, according to new estimates from Bloomberg Economics. That was up from 1.2% in 2022, but still well below the 19.4% from the property sector, the data shows.