Sales of electric vehicles continue to increase in China this year. Even in January, typically a low-demand month, there was an increase in sales. Usually, the first quarter results aren’t great due to the slump in January and February, which includes the Lunar New Year.
However, in January, BYD recorded its best performance, selling 201,493 units, a 33% increase compared to the same period last year. Great Wall Motor, which launched 15 electric vehicles in 2023, sold 24,988 units, a 295.8% increase.
The performance of electric vehicle startups was generally favorable. Geely Automobile Group’s electric vehicle brand, ZEEkr, sold 12,537 units, a 302% increase, along with the 007 launched in January. NIO sold 10,550 units, an increase of 18.2%. , NIO signed a strategic partnership agreement with JAC and Chery Automobile on battery exchange after announcing cooperation with Changan Automobile and Geely Automobile.
Seresd sold 36,838 units, of which 32,973 units were from the AITO brand jointly developed with Huawei.
Meanwhile, growth momentum is expected to further strengthen with the launch of new models by Chinese and foreign automakers. BMW launched its seventh electric vehicle, the i5 sedan, at the end of January. The Kia EV5 Long Range version was also recently launched.
By 2023, the number of charging stations in China increased by 65% from the previous year, reaching nearly 8.6 million by the end of the year. By the end of 2023, charging stations have been built at 6,328 highway rest areas, equivalent to 95% of highway rest areas nationwide.
According to data from the China Association of Automobile Manufacturers (CAAM), the production and sales of new energy vehicles in China in 2023 exceeded 9.58 million and 9.49 million units, respectively, an increase of 35.8% and 37.9% compared to the same period last year. In China, new energy sales of this year are expected to reach 11.5 million units.
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