Electric Vehicle Sales in China to Exceed 5 Million Units in 2022
Sales of new energy vehicles are growing at a rapid pace in China and the trend is expected to continue in 2022. In China, the term new energy vehicles (NEVs) is used to designate vehicles eligible for public subsidies including battery electric, plug-in hybrid, and fuel cell vehicles. From January to December 2021, China’s NEV sales reached 3.52 million units.
In December 2021 alone, NEV sales reached 505,000 units which is 138.9% more compared to December 2020. According to CPCA, the annual sales of electric vehicles is predicted to exceed 5 million units in 2022 and 7-10 million units in 2025. By then, China’s installed battery capacity will be the largest in the world at 600GWh.
In 2009, China surpassed the United States to become the world’s largest market for vehicles with the largest number of electric vehicles than anywhere else in the world as an attempt to combat climate change. According to UBS, three in five new cars that go on China’s roads may be powered by electricity instead of fossil fuel by 2030.
NEV sales were dominated by 14 brands: BYD – 93,338 units, Tesla – 70,847 units, Wuling – 60,372 units, Great Wall – 20,926 units, Chery – 20,501 units, Geely – 16,831 units, SAIC Motor – 14,868 units, Aion – 14,500 units, FAW – 11,213 units, Chang An – 10,404 units, and Hozon – 10,127 units. Among the newer automaker players, NIO, XPeng, and Li Auto sold 10,487, 16,000, and 14,087 vehicles, respectively.