59% Of All New Energy Vehicles Sold Is In China - 2023!

China Passenger Car Association (CPCA) secretary general recently published that the acceptance level for new energy vehicles (NEV) is on an upwards trend in 2023. In just 3 months, Jan to Mar 2023 there were 2.55 million NEVs sold worldwide (70% EV and 30% PHEV). Of that a whopping 59% was just in China alone.

Now this upwards trend of EV sales in China comes at a time when China had abolished its EV subsidy policy on Jan 1st 2023 showing buyers' confidence level had improved that subsidies do not matter anymore.  Chinese NEV sales went up by 25% this year just in Q1 compared to the same period in 2022.

Furthermore, Chinese brands exports had also seen an upwards trend with a sizable increment of 15% of vehicles produced (775,000 vehicles) in Q1 2023. In comparison, only 413,000 vehicles were exported for the entire year of 2022, that is a healthy 87% bump in export volume.

From these numbers, commercial NEV only accounts for 3% as the trend is in favour of passenger vehicles. BYD emerged as the number one exporter of NEV with a 14-fold increment over the previous year. BYD had exported 2,598 EVs in Q1 2022, however in 2023, the same period saw an export number of 38,722 EVs. The main export markets for BYD are Thailand and Israel. It is good to take note that the BYD Atto 3 that is sold in Malaysia is also exported directly from China for the time being.

Now globally, sales of the NEVs are also in an upward trend where in Q4 2022, NEV sales accounted for 17% and 13% in Q1 2023 of all vehicles sold. In major markets this number stands at 28% in China, 18% in Germany, 8% in USA, 3% in Japan and a whopping 71% in Norway which is seeing a booming acceptance for NEVs.   

Source: CarNewsChina