The electric vehicles sale figure has increased by 60.2% in May of 2023 compared to the same duration in 2022. A recent report from the China Association of Automobile Manufacturers shows that 7 lakh 17 EVs were sold in May of 2023.
EV sale is on the rise in China and is looming large as a giant in the industry. The recent figures only back up the trend. In May, the EV production in the Asian giant rose by 53% touching 7 lakh 13 thousand units.
As it stands, the EV market is increasing its footprint in China. In May, eco-friendly vehicles occupied 30.1% market share. In the first five months of 2023, the sale increased by 46.8% reaching 29.4 lakh units.
Also read: China becomes the world’s largest auto exporter in Q1, 2023 surpassing Japan
EV import is also steady
The domestic production and sale data have also translated well into its foreign business. The import has risen exceptionally for the country by 160% becoming 4.57 lakh units during the same period. China leads in the neighborhood electric vehicle (NEV) section thanks to its rural area-based policies.
From early 2023, 2.9 million NEVs have been sold accounting for the total 27.7% in the market. It’s estimated that the current trend could reach 40% for NEVs in 2023.
BYD vehicles lead the sales figure in the NEV market with a third of the market share. SAID follows second in China. Aion, Tesla also holds prominence in the country.
The country has endorsed people in rural areas to buy electric vehicles while also calling on the increased construction of charging stations to back up EV adoption.
