China’s Car Sales Slump as Gasoline Demand Craters

Car sales in China fell by 21.5% in April, driven by lower demand for gasoline-powered vehicles amid higher fuel prices. EV demand failed to offset the drop in internal combustion engine vehicle sales, as well. According to data cited by Bloomberg, total car sales in China last month hit 1.4 million. This was the lowest since 2022, when China was still in the grip of Covid lockdowns. Internal combustion engine car sales suffered a decline of over 30%, while EV and hybrid car sales fell by a more modest 6.8%. EV sales suffered as a result of a rollback…