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Insights Tag:Lithium-Ion

China EV Sales Defy Subsidy Cuts, Maintain Strong Growth in Q1 2023

  • BYD continued to lead China’s increasingly competitive EV market.
  • The market share of foreign brands declined by 4% points.
  • EV sales are expected to exceed 8 million units in 2023.

Beijing, New Delhi,London,San Diego, Buenos Aires, Hong Kong, Seoul – June 27, 2023

China’s passenger electric vehicle* (EV) sales grew 29% YoY in Q1 2023, according to the latest research from Counterpoint’sChina Passenger Electric Vehicle Model Sales Tracker.Battery EVs(BEVs) made up nearly70%of the sales. There was a remarkable88% YoYsurge inplug-in hybridEV (PHEV) sales as well. Recently, PHEVs have been experiencing increased popularity in China. BYD secured its leading position with 79% sales growth and 9.8% points increase in market share YoY. Thetop 10 automotive groups, encompassing28 brands, collectively accounted for over80%of the totalpassenger EV sales.

Commenting on the market dynamics,Senior Research Analyst Soumen Mandalsaid, “The discontinuation of the 13-year-old New Energy Vehicle (NEV) purchase subsidy, paired with theTesla-triggered price war, had an adverse impact on domestic EV start-ups. Especially, smart EV brands such asNIO,XpengandNetareported disappointing sales figures compared to the previous quarter. Foreign brands, likeVolkswagen,BMW,Mercedes-Benz,Tesla,HyundaiandNissan经历了一个结合3月下降4%ket share compared to a year ago. However, Tesla stands out as an exception. Other foreign brands havestruggled to offer strong competitionto domestic brands. Furthermore, Chinese brands such asBYD Auto,Dongfeng Motors,FAW,Great Wall MotorsandGeely Auto冒险超越国内边界建立吗their presence across Europe, Latin America and Asia-Pacific.”

China EV sales share Q1 2023 - China EV Sales Q1 2023

Eight of the top 10best-selling EV models were ofChinese originin Q1 2023. Except Tesla,no foreign modelswere able to secure a position in the top 10. Thetop 10 best-sellingmodelscollectivelyaccounted for46%of China’s passenger EV sales. Moreover, all the top 5 best-selling PHEV models in Q1 2023 were manufactured byBYD Auto.

China Top 5 models - China EV Sales Q1 2023

Discussing the market outlook,Associate Director Brady Wangsaid, “Thegrowth trajectoryof China’s passenger EV market is expected to continuethroughout 2023. Othersupportive policieshave beenimplementedto boost the market’sgrowthafter 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 toexceed8 millionunits by the end of 2023.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.

The comprehensive and in-depth ‘China Passenger Electric Vehicle Sales Tracker, Q1 2018-Q1 2023’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Soumen Mandal

Neil Shah

Brady Wang

Counterpoint Research

press@www.arena-ruc.com

Related Posts

Global EV Sales Up 32% YoY in Q1 2023 Driven by Price War

  • One in every seven cars sold during Q1 2023 was an EV.
  • Tesla Model Y becomes the best-selling passenger car model globally for the first time ever.
  • EV sales are expected to reach over 14.5 million units by the end of 2023.

New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – June 7, 2023

Global passenger electric vehicle* (EV) sales in Q1 2023 rose 32% YoY, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker. One in every seven cars sold during Q1 2023 was an EV. Battery EVs (BEVs) accounted for 73% of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest.

TheUSsurpassedGermanyto become the world’s second-largest EV market in Q1 2023 whileChinaremained theleader. In China, EV sales experienced a remarkable 29% YoY growth, despite a 12% decline in overall sales of passenger vehicles in the country. In the US, EV sales soared over 79% YoY during the quarter. The top 10 automotive groups, encompassing 48 automotive brands, dominated the global EV market in Q1 2023, capturing three-fourths of the total global EV sales.

Commenting on the market dynamics,Research Analyst Abhik Mukherjeesaid, “Global EV sales were largely driven by China with 56% of total EV sales in Q1 2023 coming from this market. The elimination of the NEV purchase subsidy in China resulted in lower-than-expected EV sales in January 2023.Tesla slashed pricesfor its models globally in January, following which other automotive brands announced similar cuts for their car models starting in February, which led to an improvement in EV sales. During February and March, almost 40 automakers, includingBYD,NIO,Xpeng,Volkswagen,BMW,Mercedes–Benz,Nissan,HondaandToyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitiveprice warin China. Initially, it was thought that the price war would end soon and that auto OEMs would benefit from increased sales. However, as the price war continues to stretch, several automakers in China have reported reduced earnings and even losses.”

Global passenger EV Sales share Q1 2023

Thetop 10 EVmodels accounted for37%of the total passenger EV sales in Q1 2023. Tesla’s Model Y remained the best-selling model globally followed by Tesla’s Model 3 and BYD’s Song. In Q1 2023, Tesla’s Model Y achieved the notable distinction of becoming thebest-sellingpassenger car modelworldwide, surpassing even conventional fuel vehicles.

Global passenger EV Sales model rank Q1 2023

Commenting on the market outlook,Senior Analyst Soumen Mandalsaid, “Although sales of the traditional internal combustion engine (ICE) vehicles remained stable in Q1 2023 compared with that in the year-ago period, the significant growth in EV sales indicates arapid transitionfrom traditional vehicles to EVs.”

“By the end of 2023, global EV sales are expected to surpass14.5 million units,根据我们的预测。与implementation of the EV tax credit subsidy in the US, EV sales in the country are projected to significantly increase this year. To meet the eligibility criteria for the tax credit, automotive OEMs are moving to partner with battery suppliers and establish battery manufacturing plants across North America. Consequently, the US is poised tosurpassthe EU in the race tobuild EV batteries.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q1 2023’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

Counterpoint Research

press@www.arena-ruc.com

Related Posts

Contenders for Lithium-Ion's Crown

Although most of the hardware in consumer electronics devices such as smartphones has improved beyond recognition over the past twenty years, the pace of technological development in battery technology has sadly lagged. Today’s Lithium-ion (Li-I) batteries, first introduced in the early 1990s, are the limiting technology and hindering the pace of technology innovation. In addition, the need to support the development of5G technologyover the next few years, will likely make the issue more acute.

There are multiple battery chemistries under development – new start-ups frequently emerge claiming to have solved the age-old problems of having high energy density, the ability to withstand multiple charging cycles – including fast charging, all while being safe and cost efficient. So, while many contenders enter the ring to slug it out with Li-I, none have yet floored the champion. And in our view, none are likely to for at least the next five years.

The plethora of pretenders is part of the problem. With so many different chemistries being considered, investors are torn between where to lend muscle. And the costs of development are considerable – the R&D alone can run into many hundreds of millions. Scaling to production requires significant further investment — just take a look at the Tesla/Panasonic Gigafactory in Nevada for an indication of what it takes to create global-scale battery production.

Tesla Gigafactory (picture credit: Matthew Roberts)

Other problems arise because while many of the developing battery technologies are better than Li-I in one or more of the critical criteria referenced above, they are inferior on one or more of the others.

和我不是一个技术停滞不前,evolving, just not as fast as some of the other hardware features that have taken center-stage in consumer electronics. Nevertheless, we think there are some innovations that will likely come to market within the next two years that will enable a much-needed leap forward for Li-I. These innovations include different anode materials such as silicon as well as the introduction of nano-materials like graphene.

Looking beyond the five-year time horizon and especially at applications such as the electric vehicle, we expect to see developments in technologies such as metal-air.

Battery technology may be a limiting factor, but that isn’t to say that there’s not a lot going on. It’s just that no-one has found the holy grail. Not yet, anyway.

Counterpoint has a new research report that analyses the developments in battery technology. Clients can access the reporthere.

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