Electric cars accounted for 27 percent of all vehicles sold in China during May. These models continued their double-digit growth, with 480 units sold and a 48 percent year-on-year increase. Meanwhile, Chinese brands, especially BYD, outperformed manufacturers like Tesla. As the China Passenger Car Manufacturers Association pointed out on Thursday, June 8, 28,6 million vehicles were sold in China, the world's largest auto market, in May, up 1,76 percent year on year.
The Chinese electric car market has grown logarithmically in recent years, driven by government subsidies for purchasing. However, these subsidies were stopped as of December 2022 on the grounds that the industry no longer needed them. Meanwhile, the domestic brand with dozens of innovations appeared in the electric vehicle market and started to compete effectively with foreign manufacturers. As a matter of fact, BYD, a Chinese brand, is the undisputed champion of the country with more than 239 thousand vehicles sold. Tesla came far behind with 77 vehicles. Tesla and Volkswagen are on the way to increase their investments to strengthen in China.
In 2022, more than 10 million electric vehicles were sold in the world. According to the report of the International Energy Agency at the end of April, 35 million electric car versions will be made this year with an increase of around 14 percent. Recent projections show that the share of electric cars, which is 2020% in all cars in the world in 4, will increase from 2022% in 14 to 18% this year.
Three markets stand out with their dynamism in the world: China, the United States and Europe. However, China is at the forefront among these; Two out of three electric cars sold in the world are sold in China. The International Energy Agency predicts that electric vehicles will make up 2030 percent of the total number of vehicles in these three markets by 60.