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China has become the world’s largest market for electronic vehicles (EVs). Last year, EVs accounted for 25% of all passenger cars sold in China, well ahead of the 14% sold in the U.S. and 13% sold in Europe. The pace of China’s EV sales is expected to accelerate as HSBC Holdings Plc projects EV penetration in China, the world’s second-largest economy, to reach 53% by 2025 and 90% by 2030.
China’s clean-car sales, including plug-in hybrids, rose to 5.67 million in 2022, accounting for more than half of all global auto deliveries. BloombergNEF predicts China will account for about 60% of the world’s 14.1 million new passenger EV sales this year. Also, China’s manufacturing of EVs continues to expand, with HSBC Holdings Plc noting that Chinese automakers last year accounted for about 50% of all EVs sold globally.
