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Total car ownership in China sails past the 400 million mark, EV momentum unstoppable
Wed, Jul 13, 2022
Total car ownership in China has sailed past the 400 million mark, from 395 million at the end of 2021, latest data from the traffic management bureau showed. As of end-June, the entire Chinese automobile fleet stood at 406 million units — of which 10.01 million, or about 2.5%, are EVs.
Electric cars in China are not only holding their ground, but riding on apparently unstoppable momentum to reach new sales peaks. This happened despite a purchase tax reduction last month that benefited mostly oil-powered vehicles alongside supply chain issues and Covid-19 resurgences. Chinese consumers last month snapped up a record of nearly 600,000 electric vehicles (EVs), comprising all-electric, plug-in hybrid and hydrogen fuel-cell models. Cumulative half-year EV sales have hit 2.6 million units, on the back of a 115% year-on-year surge that defied the economic headwinds from lingering Covid-19 resurgences, according to latest data from the China Association of Automobile Manufacturers (Caam).
Such triple-digit growth rates have characterized the EV market for most of this year — contrasting with the mostly lackluster performance of oil-fueled automobiles. Improvements in quality, driving range and charging convenience have boosted public acceptance of EVs, which also benefited significantly from the current high oil prices, policy support from Beijing and local government subsidies.
The robust EV sales reflect “further consolidation” of the sector’s “transformation and upgrading process,” said Caam Monday in its monthly briefing. At this rate, China is likely to attain full-year EV sales of up to 5.5 million units in 2022, or 56% higher than the 2021 figure, predicted Caam’s deputy secretary-general, Chen Shihua.
10 Million Mark
Market penetration of EVs as a percentage of new automobile sales has already sailed past the government’s goal of 20% — doing so some three years ahead of the target timeline of 2025. Starting at around 17% at the beginning of 2022, year-to-date EV penetration breached the 20% mark at the end of April, and has risen further to a six-month average of 22% — advancing by a whopping 13 percentage points from the first half of 2021.
If only sales of passenger car models (no larger than nine-seaters) were counted, the EV penetration rate would have been even higher at 24% averaged over January-June, according to data from the China Passenger Car Association (CPCA). In the month of June alone, over 27% of all passenger cars sold were EVs. Total car ownership in China has sailed past the 400 million mark, from 395 million at the end of 2021, latest data from the traffic management bureau showed. As of end-June, the entire Chinese automobile fleet stood at 406 million units — of which 10.01 million, or about 2.5%, are EVs.
BYD Firmly Leading
Homegrown BYD remains the top EV seller, staying way ahead of its domestic and foreign rivals. BYD, which has ceased production of oil-fueled vehicles since March, saw its half-year EV sales spike by over 300% to above 630,000 units, thrice the number sold by its nearest rival.
SGMW — a Sino-foreign joint venture (JV) comprising GM, Shanghai Automotive and another local partner — is a distant second to BYD, posting first-half EV sales of just over 208,000 units. The JV produces a budget-friendly but basic model, Hongguang Mini, that has been hogging the top spot on the bestseller EV chart since its debut, beating pricier models from BYD and Tesla.
Model Y Is Top SUV
Tesla ranked third among EV manufacturers with half-year sales of just under 200,000 units. Notably, the company’s Shanghai-made Model Y is the top-selling SUV model in China — not just in the EV category, but also among oil-fueled SUVs. June sales of Model Y stood at over 52,000 units, or over 64% higher than the second-ranking SUV model by BYD, according to CPCA data.
The US EV manufacturer suffered significant disruptions at its Shanghai Gigafactory during the second quarter due to Covid-19-related lockdowns and supply chain issues, but reportedly resumed full production around mid-June. However, the Shanghai plant is again suspending most operations during the first two weeks of July for upgrades to boost production capacity to some 22,000 units per week, Reuters reports. The current annual capacity at the Shanghai plant — which manufactures both Models 3 and Y — is “above 450,000 units,” according to Tesla in its latest quarterly report.
Oil-Powered Autos Rebound
Sales of oil-powered vehicles in China staged a rebound last month, thanks to the Chinese government's move to halve purchases taxes to 5%, effective Jun. 1. That reverses a trend of steep, double-digit plunges since March. June internal combustion engine (ICE) auto sales rose by 8% year on year, after plummeting between 27% and 61% in the previous three months.
However, the June rebound came too late to bail ICE vehicles out from a dismal half-year performance; sales of oil-powered automobiles during the first six months still retreated by nearly 20% year on year, contrasting with the 115% surge in EV sales.
www.energyintel.com
Wed, Jul 13, 2022
Total car ownership in China has sailed past the 400 million mark, from 395 million at the end of 2021, latest data from the traffic management bureau showed. As of end-June, the entire Chinese automobile fleet stood at 406 million units — of which 10.01 million, or about 2.5%, are EVs.
Electric cars in China are not only holding their ground, but riding on apparently unstoppable momentum to reach new sales peaks. This happened despite a purchase tax reduction last month that benefited mostly oil-powered vehicles alongside supply chain issues and Covid-19 resurgences. Chinese consumers last month snapped up a record of nearly 600,000 electric vehicles (EVs), comprising all-electric, plug-in hybrid and hydrogen fuel-cell models. Cumulative half-year EV sales have hit 2.6 million units, on the back of a 115% year-on-year surge that defied the economic headwinds from lingering Covid-19 resurgences, according to latest data from the China Association of Automobile Manufacturers (Caam).
Such triple-digit growth rates have characterized the EV market for most of this year — contrasting with the mostly lackluster performance of oil-fueled automobiles. Improvements in quality, driving range and charging convenience have boosted public acceptance of EVs, which also benefited significantly from the current high oil prices, policy support from Beijing and local government subsidies.
The robust EV sales reflect “further consolidation” of the sector’s “transformation and upgrading process,” said Caam Monday in its monthly briefing. At this rate, China is likely to attain full-year EV sales of up to 5.5 million units in 2022, or 56% higher than the 2021 figure, predicted Caam’s deputy secretary-general, Chen Shihua.
10 Million Mark
Market penetration of EVs as a percentage of new automobile sales has already sailed past the government’s goal of 20% — doing so some three years ahead of the target timeline of 2025. Starting at around 17% at the beginning of 2022, year-to-date EV penetration breached the 20% mark at the end of April, and has risen further to a six-month average of 22% — advancing by a whopping 13 percentage points from the first half of 2021.
If only sales of passenger car models (no larger than nine-seaters) were counted, the EV penetration rate would have been even higher at 24% averaged over January-June, according to data from the China Passenger Car Association (CPCA). In the month of June alone, over 27% of all passenger cars sold were EVs. Total car ownership in China has sailed past the 400 million mark, from 395 million at the end of 2021, latest data from the traffic management bureau showed. As of end-June, the entire Chinese automobile fleet stood at 406 million units — of which 10.01 million, or about 2.5%, are EVs.
BYD Firmly Leading
Homegrown BYD remains the top EV seller, staying way ahead of its domestic and foreign rivals. BYD, which has ceased production of oil-fueled vehicles since March, saw its half-year EV sales spike by over 300% to above 630,000 units, thrice the number sold by its nearest rival.
SGMW — a Sino-foreign joint venture (JV) comprising GM, Shanghai Automotive and another local partner — is a distant second to BYD, posting first-half EV sales of just over 208,000 units. The JV produces a budget-friendly but basic model, Hongguang Mini, that has been hogging the top spot on the bestseller EV chart since its debut, beating pricier models from BYD and Tesla.
Model Y Is Top SUV
Tesla ranked third among EV manufacturers with half-year sales of just under 200,000 units. Notably, the company’s Shanghai-made Model Y is the top-selling SUV model in China — not just in the EV category, but also among oil-fueled SUVs. June sales of Model Y stood at over 52,000 units, or over 64% higher than the second-ranking SUV model by BYD, according to CPCA data.
The US EV manufacturer suffered significant disruptions at its Shanghai Gigafactory during the second quarter due to Covid-19-related lockdowns and supply chain issues, but reportedly resumed full production around mid-June. However, the Shanghai plant is again suspending most operations during the first two weeks of July for upgrades to boost production capacity to some 22,000 units per week, Reuters reports. The current annual capacity at the Shanghai plant — which manufactures both Models 3 and Y — is “above 450,000 units,” according to Tesla in its latest quarterly report.
Oil-Powered Autos Rebound
Sales of oil-powered vehicles in China staged a rebound last month, thanks to the Chinese government's move to halve purchases taxes to 5%, effective Jun. 1. That reverses a trend of steep, double-digit plunges since March. June internal combustion engine (ICE) auto sales rose by 8% year on year, after plummeting between 27% and 61% in the previous three months.
However, the June rebound came too late to bail ICE vehicles out from a dismal half-year performance; sales of oil-powered automobiles during the first six months still retreated by nearly 20% year on year, contrasting with the 115% surge in EV sales.
China Electric Vehicles Ride Unstoppable Momentum
Electric cars in China are holding their ground to set new sales records, soaring over multiple hurdles with regard to policy and the market.
www.energyintel.com
China has more car owners than US has people now, just think of it that barely 20 years ago, almost no one owned cars in China. What happened in the past 20 years was truly phenomenal. We really can't imagine where the next 20 years will take this country to.
