China's Electric Car Market Will Grow 165 Percent This Year

The number of electric cars on the roads after obtaining new licenses in China is increasing rapidly. It is estimated that by the end of this year, almost five million electric passenger cars will be on the roads of China.

China is indeed the world's largest electric car market. As a matter of fact, according to the Center of Automotive Management (CAM) data, approximately 2022 million electric passenger cars have been licensed in the first eight months of 2. Thus, the release for the entire 2021 has been exceeded by 170 thousand units in the first eight months of this year. On the other hand, the market share of electric vehicles has reached 20 percent.

In the market, BYD is the market leader ahead of SAIC and Tesla with 707 thousand 496 new licensed vehicles. CAM estimates that 4,5 million electric vehicle licenses will be obtained by the end of this year. Accordingly, there will be an increase of 2022 percent in 165 compared to the previous year.