Beijing raises its estimates for electric vehicles sales

September 04, 2023

Abstract : The rise in popularity of EVs has motivated the Government to increase sales by 3%, reaching a target of 27 million vehicles. Additionally, there is the goal of achieving a year-on-year increase of 30% in NEVs sales, resulting in 9 million vehicles sold

MILAN, Sep 4 (Class Editori) — China’s automotive industry has seen steady growth in production, revenue, and profits during the first half of the year. As a result, the Government has raised its sales targets by 3%.

According to data from the China Association of Automobile Manufacturers (CAAM), the industrial value added of the sector grew by 13.9% in the six-month period, marking an increase of 8.9% compared to the growth of China’s manufacturing industry as a whole. The industry saw a 13.1% increase in total operating revenue, reaching 4.49 trillion yuan (about 625 billion dollars) year-on-year. Automotive companies made a profit of 217 billion yuan (approximately 30 billion dollars), a 10.1% increase, within the six-month period.

Among the leading car manufacturers, Build Your Dreams (BYD) produced 284,926 electric vehicles, including battery vehicles, hybrids, and electric buses, by August 2023, marking an increase of 85.76% from the previous year. Domestic sales rebounded 83.1% to reach 274,386 units while 25,023 units were exported to foreign markets.

Geely Automobile Holdings, the corporation that also oversees the Volvo and Polestar brands, closed out August with a surge in sales to 152,626 units (a 24% increase), in comparison to 122,635 deliveries from the previous year. Geely brand vehicle registrations increased by 23% to 118,204 units last month, up from 95,992 units the previous year. Meanwhile, ZEEKR experienced a 72% rebound with 12,303 units.

For NIO, vehicle deliveries increased by 81% with 19,329 units sold in August. During this period, customers received 12,015 electric SUVs and 7,314 electric sedans. Li Auto witnessed a 664% growth in shipments, delivering 34,914 vehicles in August compared to the same period in 2020.

For Tesla, deliveries in August in China totaled 84,159 vehicles, showing a 9.3% increase from the previous year. According to data from China Passenger Car Association (CPCA), sales of the best-selling models, Model 3 and Model Y, demonstrated a 30.9% surge over 2022.

In light of these findings, the Beijing Government aims to boost sales by 3% to 27 million vehicles, along with a 30% year-over-year increase in new energy vehicles (NEVs) sales to 9 million. Concurrently, the country targets expanding sales of pre-owned cars.

(Source:Class Editori)

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