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Electric vehicle industry in China
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The electric vehicle industry in China is the largest in the world, accounting for around 58% of global production of electric vehicles (EVs)[1] and more than 1.5 million exports in 2023.[2] In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs (battery-only EVs) and 2.79 million PHEV (plug-in hybrid electric vehicles).[3] China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses (98% of global stock) and 247,500 electric commercial vehicles (65% of global stock) in 2019,[citation needed] and recording new sales of 447,000 commercial EVs in 2023.[3]
Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales.[4] The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots.[5]
The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs[6] and around 80% of lithium-ion batteries in the world are used in EVs.[7] The industry also has significant Chinese presence, with major players including world's largest CATL, BYD, CALB, Gotion, SVOLT and EVE Energy.[8]
- ^ Oxford, Dwayne (20 April 2024). "Are Chinese electric vehicles taking over the world?". Al Jazeera. Retrieved 24 June 2024.
- ^ "China's EV and Solar Exports Are Powering Ahead as Prices Slide". Bloomberg News. 30 April 2024. Retrieved 24 June 2024.
- ^ a b "Sales of New Energy Vehicles in December 2023". China Association of Automobile Manufacturers. 12 January 2024. Retrieved 24 June 2024.
- ^ Kane, Mark (5 February 2024). "China Plug-In Car Sales Hit A New 8 Million Record In 2023". Inside EVs. Retrieved 24 June 2024.
- ^ Kane, Mark (26 January 2022). "China Sets Massive Record: 500,000 Plug-In Cars Sold In December 2021". InsideEVs.com. Retrieved 9 April 2022.
- ^ "Japan battery material producers lose spark as China races ahead".
- ^ "Global lithium-ion battery capacity to rise five-fold by 2030". 22 March 2022.
- ^ "CATL outgrows the battery competition". 8 February 2022.
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