In July, consumers in China purchased the mandatory liability insurance for traffic accidents of motor vehicles (MLI) for a total of 2,232 vehicles made by Chinese startups, compared with 9,162 units for the month of June, according to the China Insurance Regulatory Commission (CIRC).
For the first seven months, the insured number of startup-made vehicles totaled 32,336 units.
China's NEV market saw the sales in July drop 4.7% from the previous year to around 80,000 units, the first time hit by year-on-year downturn in terms of monthly volume.
For the first seven months, NEV sales volume in China totaled 699,000 units with a jump of 40.9%, 8.7 percentage points less than that of first-half growth.
The Chinese government in March announced a series of cuts to new energy vehicles subsidies, which have been instrumental in boosting the rapid sales growth that has made China the largest NEV market in the world since 2015.
Quite a few market demands had been overdrawn as consumers scrambled to take advantage of the cheaper prices in June, the last month before the new stricter NEV subsidy policy were implemented.
Besides, WM Motor is actively deploying its products in such areas as tourism vehicle rental, ride-hailing service and urban car sharing through it smart mobility service brand “GETnGO”.
