China’s EV market shakes off economic slowdown
The Chinese government has supported the development of the domestic electric car industry. Cities have preferential policies that encourage people to switch to electric-powered cars.
And despite the drag of Covid controls on China’s retail sales in 2022, electric car sales remained a pocket of growth.
More than a quarter of passenger cars sold in 2022 through the end of November were new energy vehicles, according to the China Passenger Car Association. Monthly figures from the association typically come out in the middle of the month.
However, competition is fierce. Chinese battery and car manufacturer BYD remained a giant with sales of more than 911,000 electric cars in 2022 — about 180% more than a year earlier.
The company has a wide range of models. BYD’s new luxury brand Yangwang is slated for a detailed launch on Thursday.
Electric car brand Aion, a spinoff of state-owned GAC Motor, announced sales more than doubled in 2022 to a record high of 271,000 vehicles.
Huawei’s co-developed new Aito brand said that since it began deliveries in March 2022, cumulative deliveries as of the end of the year exceeded 75,000 vehicles.
Li Auto delivers more than Nio
Nio’s growth in 2022 also fell behind that of Li Auto, another U.S.-listed Chinese electric car company whose SUVs are in a similar price range. However, the company’s cars come with a fuel tank to extend the battery’s driving range.
Li Auto said its deliveries for the year grew by 47% to more than 133,000 cars.
Xpeng, also listed in the U.S., saw slower growth of 23% year-on-year to over 120,000 cars. The company’s newest car, the G9 SUV, marks the brand’s attempt to break out of a lower price range.
Tesla said its deliveries worldwide grew by 40% in 2022 to 1.31 million vehicles. The company did not include a breakdown for China, a major market for the automaker.
— CNBC’s Lora Kolodny contributed to this report.