China continues to dominate the NEV sector. NEV is a term used to represent Battery Electric Vehicles (BEVs or simply EVs) and Plug-in Hybrid Electric Vehicles (PHEVs) in the Chinese market.
In a recently published piece, Cui Dongshu, the Secretary General of the China Passenger Car Association (CPCA) revealed that from January to March 2023, around 2.55 million NEVs were sold worldwide, with EVs accounting for 70% and PHEVs accounting for 30% of the number. The Chinese market alone accounted for 59% of the global NEV sales.
While electric commercial vehicles only account for 3% of the world’s NEVs, the global sales trend of new energy passenger vehicles was relatively strong in Q1, 2023 showing a 26% improvement compared to the same period of the previous year.
Even though China ended its EV subsidy program on January 1, 2023, the number of NEVs sold there climbed by 25% in the first quarter of 2023 compared to the same period in 2022. The growth of China’s vehicle industry has also been aided by the rise in automobile exports in 2023. China exported 775,000 vehicles in the first quarter of 2023, which is more than 15% of the country’s entire auto production. This is an 87% increase in export volume over the first quarter of 2022 when around 413,000 automobiles were exported.
28% of the exported vehicles were NEVs. For instance, BYD exported 2,598 EVs in the first quarter of 2022 but exported 38,722 EVs in the same period this year, which is a mind-boggling 14-fold increase.
Related: BYD Surpass Volkswagen as China’s Bestselling Automobile Brand
NEV market share is likewise rising quickly on a global scale. NEV sales made up 17% of all auto sales in Q4 2022, and 13% in Q1 2023. The percentage of NEV sales compared to total automobile sales varies significantly between nations. Norway has the highest 71% NEV penetration rate, compared to Germany’s 18%, USA’s 8%, Japan’s 3% as well as China’s 28%.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
