Rapid Growth丨Eyes on China’s EVemand surge continues

In the international coverage of China’s electric vehicles (EVs), the focal point of interest remains the market and sales performance, according to the past 30 days’ analyzed reports from Meltwater’s data retrieval.

The reports show from July 17 to August 17, keywords appeared in the overseas coverage, and social media outlets involved Chinese electric vehicle companies like “BYD,” “SAIC,” “NIO,” “Geely,” and battery suppliers like “CATL.” 

Results revealed 1,494 cases of “market,” 900 cases of “share,” and 777 cases of “sale.” Among these, “market” featured prominently with 1,494 occurrences, constituting approximately a tenth of the total reports and ranking as the top keyword.


china ev car



Exclusively produce electric vehicles by 2030

The global EV market is experiencing exponential expansion, propelled mainly by the Chinese market, which contributes over 60% of the world’s share. China has secured its position as the world’s largest electric vehicle market for eight consecutive years.

According to data from the China Association of Automobile Manufacturers, from 2020 to 2022, China’s EV sales surged from 1.36 million units to 6.88 million units. By contrast, Europe sold around 2.7 million electric vehicles in 2022; the figure for the United States was about 800,000.

Experiencing the era of internal combustion engines, Chinese automotive companies perceive electric vehicles as an opportunity for a significant leap forward, which they allocate substantial resources to research and development at a pace surpassing many international counterparts.

In 2022, China’s electric vehicle leader BYD became the first global automaker to declare the discontinuation of internal combustion engine vehicles. Other Chinese automakers have followed suit, with most planning exclusively producing electric vehicles by 2030.

For instance, Changan Automobile, based in Chongqing, a traditional hub for the automotive industry, announced the cessation of fuel vehicle sales by 2025.


Emerging markets in South Asia and Southeast Asia

The rapid growth in the electric vehicle sector extends beyond major markets like China, Europe, and the United States, with its continuous expansion into emerging markets in South Asia and Southeast Asia.

In 2022, electric vehicle sales in India, Thailand, and Indonesia were more than doubled compared to 2021, reaching 80,000 units, with substantial growth rates. For Chinese automakers, proximity makes Southeast Asia a prime market of interest.

For example, BYD and Wuling Motors have planned factories in Indonesia. The development of EVs is part of the country’s strategy, with an aim to achieve an electric vehicle output of one million units by 2035. This will be bolstered by Indonesia’s 52% share of global nickel reserves, a crucial resource for making power batteries.


Post time: Aug-26-2023