China maintains its dominance in the NEV market. In the Chinese market, NEV refers to Battery Electric Vehicles (BEVs or simply EVs) and Plug-in Hybrid Electric Vehicles (PHEVs).
A/C to China’s Market
Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), disclosed in a recent article that from January to March 2023, over 2.55 million NEVs were sold worldwide, with EVs accounting for 70% and PHEVs accounting for 30% of the total. Only the Chinese market accounted for 59% of global NEV sales.
While electric commercial vehicles account for only 3% of global NEV sales, the global sales trend of new energy passenger vehicles was relatively strong in Q1, 2023, with a 26% increase over the same period the previous year.
Despite the fact that China’s EV subsidy programme terminated on January 1, 2023, the number of NEVs sold increased by 25% in the first quarter of 2023 compared to the same period in 2022. The surge in automobile exports in 2023 has also supported the growth of China’s vehicle industry.
In the first quarter of 2023, China exported 775,000 vehicles, accounting for more than 15% of the country’s total auto production.
This is an 87% increase in export volume compared to the first quarter of 2022, when around 413,000 autos were exported.
NEVs accounted for 28% of all exported automobiles. BYD, for example, exported 2,598 EVs in the first quarter of 2022 but 38,722 EVs in the same time this year, a 14-fold increase.
On a global basis, NEV market share is also rapidly increasing. NEV sales accounted for 17% of total auto sales in Q4 2022 and 13% in Q1 2023. The proportion of NEV sales to overall automotive sales varies greatly between countries.
Norway has the highest NEV penetration rate (71%), followed by Germany (18%), the United States (8%), Japan (3%), and China (28%).
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