Electric vehicle industry in China
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The electric vehicle industry in China is the largest in the world, accounting for around 57.4% of global production of electric vehicles (EVs) and around 500,000 exports in 2021.[1] In 2021, CAAM reported China had sold 3.34 million passenger electric vehicles, consisting 2.73 million BEVs (battery-only EVs) and 0.6 million PHEV (plug-in hybrid electric vehicles),[2] which is around 53% share of the global market of 6.23 million "new energy" passenger vehicles – BEVs, PHEVs, and HEVs.[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 186,000 commercial EVs in 2021.[2]
Plug-in electric vehicle (BEV and PHEV) sales was 15% of the overall automotive sales in China in 2021.[4] NEV adoption rapidly increased to a record 28% in March 2022, and according to BYD chairman Wang Chuanfu could reach 35% by end of 2022, exceeding the government goal of 20% by 2025.[5] 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.[6]
The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs[7] and around 80% of lithium-ion batteries in the world are used in EVs.[8] The industry also has significant Chinese presence, with major players including world's largest CATL, BYD, CALB, Gotion, SVOLT and WeLion.[9]