iTWire - China EV sales in 1Q23 rose despite cut in government subsidy
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Wednesday, 28 June 2023 08:32
China EV sales in 1Q23 rose despite cut in government subsidy Featured
By Sam Varghese
Despite discontinuation of a government subsidy, electric vehicle sales in China during the first quarter of 2023 have grown by 29%, the technology analyst firm Counterpoint Research says, without providing any actual numbers.
Another development during the same period was that the market share of foreign brands fell by 4%.
Counterpoint said EV sales were on target to exceed eight million units for the whole of 2023, which would mean that the global sales figure of 10.2 million in 2022 is likely to be exceeded.
Of the sales in the first quarter of 2023, battery EVs accounted for 70% while sales of plug-in hybrids also grew, by 88%.
Senior research analyst Soumen Mandal said: “The discontinuation of the 13-year-old new energy vehicle purchase subsidy, paired with the Tesla-triggered price war, had an adverse impact on domestic EV start-ups.
"Especially, smart EV brands such as NIO, Xpeng and Neta reported disappointing sales figures compared to the previous quarter. Foreign brands, like Volkswagen, BMW, Mercedes-Benz, Tesla, Hyundai and Nissan, experienced a combined 4% points decrease in market share.
"However, Tesla stands out as an exception. Other foreign brands have struggled to offer strong competition to domestic brands. Furthermore, Chinese brands such as BYD Auto, Dongfeng Motors, FAW, Great Wall Motors and Geely Auto are venturing beyond domestic borders to establish their presence across Europe, Latin America and Asia-Pacific.”
Last week, BYD launched the Dolphin Dynamic in Australia, an EV it claims is the cheapest in the country.
Counterpoint said during the period January to March, eight of the top EV models were from Chinese manufacturers. All top 5 PHEV models were manufactured by BYD Auto.
Commenting on the market outlook, associate director Brady Wang said: “The growth trajectory of China’s passenger EV market is expected to continue throughout 2023. Other supportive policies have been implemented to boost the market’s growth after the elimination of NEV purchase subsidies.
"In May, China’s Development and Reform Commission released a strategic document aimed at promoting EV adoption in rural areas. This will encourage auto manufacturers to introduce more affordable models, enhance sales systems, and facilitate trade-in services for rural consumers. We expect China’s EV sales to exceed eight million units by the end of 2023.”
Counterpoint said only BEVs and PHEVs were covered in its study, with hybrid EVs and fuel-cell vehicles not included.
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