0239 GMT - Sales of electric vehicles and hybrid cars in China will likely rise 55% in the second half of the year compared with the first half, Citi analysts write in a note. There will likely be strong export growth in the sector as well, they add. If recent price cuts by major EV makers such as BYD, Zhejiang Leapmotor and Chongqing Changan Automobile can help lift the EV penetration rate to 60% in the third quarter, supply and demand would be in equilibrium again, they say. A rise in competition would accelerate market consolidation and reinforce BYD's leading market position, thanks to its unique product pricing power and leading cost advantages, Citi says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
May 28, 2025 22:39 ET (02:39 GMT)
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