Counterpoint: China’s electric vehicle sales are expected to exceed 8 million units in 2023

According to the latest data from Counterpoint, China’s sales of electric passenger vehicles are expected to grow by 87% in 2022, with EVs accounting for 25% of total sales. The share of full EVs in China’s electric vehicle sales is expected to decrease in 2022, while the share of plug-in hybrid vehicles is expected to increase to 24%.

In China’s automotive market in 2022, BYD, General Motors, and Tesla are the top three players, with market shares of 29.7%, 8.9%, and 8.8%, respectively. Senior analyst Soumen Mandal said that China’s electric vehicle market is the most dynamic in the world, with local brands accounting for 81% of the electric vehicle market, including major players such as BYD, Wuling, Chery, Changan, and GAC.

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In 2022, the top ten electric vehicle models accounted for nearly 45% of the total electric vehicle sales, a 3% year-on-year decrease. BYD Song surpassed Wuling Hongguang MINI in the fourth quarter of 2022 and became the best-selling electric vehicle model. Deputy Director Brady Wang expects electric vehicle sales to exceed 8 million units in 2023.
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Global sales of electric passenger vehicles in the fourth quarter of 2022 increased by 53% year-on-year, with a total sales volume exceeding 10.2 million units, a year-on-year increase of 65%. Pure electric vehicles accounted for nearly 72% of all electric vehicle sales.

Source：IThome

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