What’s new: China’s new-energy vehicle (NEV) shipments totaled 6.5 million units in 2022, up 96.3% from the previous year, data from the China Passenger Car Association (CPCA) showed.
Meanwhile, nationwide retail sales of NEVs, which include purely electric cars and hybrids, jumped 90% to 5.67 million, according to the association. BYD Co., which sold 1.86 million vehicles, accounted for almost 30% of China’s NEV sales in 2022, followed by SAIC-GM-Wuling Automobile Co. and Tesla Inc.
In 2022, NEVs accounted for 27.6% of all vehicles shipped to dealerships, nearly double the share in 2021, CPCA data showed.
The CPCA predicted that China’s NEV shipments will rise 31% in 2023 to 8.5 million units, accounting for 36% of all vehicle shipments. The slower growth mainly reflects the expanded base of comparison, the association said.
The context: China’s auto sales plunged in April and May 2022 when Covid outbreaks hit major cities including Shanghai and strict control measures confined millions of people at home.
The market revived in the following months but slowed again in October and November amid new waves of nationwide flare-ups. Sales picked up in December as Beijing pivoted from the “zero-Covid” strategy and as buyers rushed to make purchases before the end of state subsidies for NEVs and tax cuts for low-emission gasoline cars.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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