Beijing cut its new-car subsidy by a third, and China's once-unstoppable EV sales slid 14 percent as the cheapest models lost the mostBeijing trimmed its car subsidy by roughly a third this year. Analysts expect China’s whole car market to shrink in 2026. Figures released by the China Passenger Car Association show that 4.7 million new EVs have been delivered in China this year. AlixPartners expects that by the end of this year, new car sales in China will have dropped by 10 percent to 24.6 million vehicles. For some of the nation’s most affordable EVs, the payout is now 5,000 yuan ($740) lower than before.