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Strong momentum of new energy vehicles going to sea

04.06,2023

The latest data released by the China Association of Automobile Manufacturers shows that China's new energy vehicles continued to develop well in March, with rapid growth in production and sales. In that month, the production and sales of new energy vehicles reached 674000 and 653000 respectively, with year-on-year growth of 44.8% and 34.8%, respectively. At the same time, 78000 new energy vehicles were exported, a year-on-year increase of 3.9 times.

Xu Haidong, Deputy Chief Engineer of China Automobile Association, stated that since the first quarter, China's new energy vehicles have maintained a good development momentum, especially with strong export growth. In the second quarter, as the wave of price cuts comes to an end, the automotive industry is expected to return to normal. Coupled with the low production and sales base in the second quarter of last year, the automotive market will have good performance.

Data shows that more and more consumers are beginning to accept and favor new energy vehicles. Chen Shihua, deputy secretary-general of the China Automobile Association, said that since this year, China's new energy vehicle production and sales have continued to grow year on year, and the market share has increased significantly year on year, reaching 26.6% in March. Meanwhile, in the global new energy vehicle market, China's market share has reached 64%, continuing to maintain a leading position.

From the recent annual reports disclosed by some car companies, it can be seen that new energy vehicles have become the main source of revenue growth. According to the annual report of GAC Group, in 2022, the production and sales of new energy vehicles completed 7.058 million and 6.887 million units respectively, with year-on-year growth of 96.9% and 93.4%, respectively. The sales of new energy vehicles accounted for about 43%. According to Geely's financial report, significant progress has been made in its new energy transformation, with a revenue of 148 billion yuan in 2022, a year-on-year increase of 45.6%. Among them, the sales of new energy vehicles increased by 300%, accounting for 22.9%.


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