SOURCE / ECONOMY
NEV firms in China release annual reports showing rapid growth
Published: Jan 04, 2023 11:12 PM
People visit the BYD stand during the Paris Motor Show in Paris, France, Oct. 17, 2022. The 89th Paris Motor Show is held here from Oct. 17 to 23.(Photo: Xinhua)

People visit the BYD stand during the Paris Motor Show in Paris, France, Oct. 17, 2022. The 89th Paris Motor Show is held here from Oct. 17 to 23.(Photo: Xinhua)


 
Multiple makers of new-energy vehicles (NEVs) have just released their annual reports for 2022, including major industry players such as Chinese car maker BYD and US giant Tesla. 

The sales of BYD's NEVs reached 1.86 million units in 2022, an increase of 212.8 percent year-on-year, according to data sent to the Global Times from BYD on Wednesday. Of the 1.86 million, 911,140 were pure electric vehicles and 946,239 were plug-in hybrid vehicles.  

In 2022, Tesla delivered 1.31 million electric vehicles, up 40 percent compared with 2021, per a statement the company sent to the Global Times. Tesla remained the world's top seller in terms of purely electric vehicles, the company said. 

Meanwhile, domestic NEV manufacturers recorded double-digit growth in their sales in 2022. NIO delivered 122,486 new vehicles in 2022, up 34 percent year-on-year, while Xpeng delivered 120,757 NEVs, a year-on-year increase of 23 percent. Li Auto delivered a total of 133,246 units, an increase of 47.2 percent compared with the previous year. 

As the major industry players, Tesla and BYD have been leading the global NEV sales in recent years, with BYD taking the lead from 2015 to 2018 followed by Tesla from 2019 to 2021, according to a report by yicai.com. 

Compared with Tesla, BYD has a wider range of product options, with plug-in hybrid models contributing significantly to its sales in 2022. The sales of plug-in hybrid models surpassed those of pure electric vehicles for BYD, and helped the firm overtake Tesla in global NEV sales, per the report from yicai.com. 

However, BYD still has room for improvement in terms of international recognition. Its overseas sales of new-energy passenger vehicles totaled 11,320 units last year, accounting for just under 5 percent of its total sales, per the report, adding that Tesla's share of sales in the global market not including North America is expected to have been as high as 68.6 percent in the fourth quarter of 2022. 

NEV sales in China remained robust in 2022. Data from the China Association of Automobile Manufacturers (CAAM) showed that from January to November 2022, the production and sales of NEVs in China reached 6.25 million units and 6.07 million units, respectively, with both figures doubling from the year before. 

The CAAM forecast China's NEV sales in 2023 will reach 9 million units, up 35 percent year-on-year. 

With government subsidies for NEVs being phased out as scheduled in 2022, China's NEV market has entered a new stage as major industry players have stepped up efforts to improve their core competitiveness.