Electric cars are demonstrating more market penetration across the globe. Car buyers have been considering EVs owing to their performance and their sensible zero emission environmental benefits. However, the success of electrified vehicles are credited to Chinese car manufacturers as they account for 76% of global EV sales.
Chinese Electric Car Sales
A recent study from Rho Motion revealed that 76% of global EV and PHEV sales are credited to Chinese car brands. What’s more impressive about this achievement is that it happened outside of USA market. In this sense, these Chinese electric cars were not sold in USA, which is the world’s 2nd largest automotive market after China.
If Chinese car brands were allowed to make sales in USA, their contribution to global EV sales could have been a lot higher than 76%. This major achievement from Chinese brands is due to a combination of factors. Primary of these factors include aggressive market expansion into the world’s major car markets and outside of them and aggressive pricing strategies.
If we take Germany as an example, which is Europe’s largest car market with 578,000 EVs sold last year, Chinese car brands accounted for 4% of the total sales. In Belgium, penetration of Chinese car brands was 3%, 5% in Sweden, 5% in France, 6% in Netherlands, 7% in UK, 8% in Norway, 10% in Spain and 11% in Austria.
Outside of major automotive markets, Chinese car brands have made a major impact with significant market penetration. Chinese brands accounted for 15% EV sales of New Zealand, 26% in Australia, 52% in Malaysia, 64% in Israel, 70% in Mexico, 74% in Nepal, 75% in Indonesia, 77% in Thailand and 82% in Brazil.
What’s the scene in India?
If we take India as an example, MG Windsor EV is currently the country’s best-selling electric car. Windsor EV is a rebadged version of Wuling Cloud EV and is sold in India under Chinese SAIC Motor owned British brand, Morris Garages. However, as a car manufacturer, MG Motor has some catching up to do against homegrown Tata Motors, which is currently leading the sales charts.
The success of Chinese EV brands can also be attributed to the fact that they incur low battery manufacturing costs as China has one of the world’s biggest Lithium reserves. Another key contributor is the USD 231 Billion in subsidies Chinese EV brands received between 2009 and 2023, allowing them to price their products at extremely competitive price points.
Source
Source: Electric - rushlane.com
