2023 New energy vehicle market size may reach 9 million units

      In his speech at the event, Xu Haidong, deputy chief engineer of the China Association of Automobile Manufacturers, said that in 2022, China's annual production and sales of new energy vehicles completed 7.058 million and 6.887 million units respectively, up 96.9% and 93.4% year-on-year, with a market share of 25.6%. Annual sales of new energy vehicles in China are expected to reach 9 million units in 2023.
      He also pointed out that in the past few years, pure electric models have dominated the new energy vehicle market with a market share of over 80%. 2022 saw the fuel economy advantage of PHEVs being further strengthened in an environment of high oil prices and increased uncertainty over the outlook for residents' income under the epidemic, and driven by hot-selling models such as BYD's DMi series and Ideal Plus, the PHEV market share increased to 22.0%. The latest sales figures show that from January to May, a total of 2.146 million units were sold in the pure electric market, with the PHEV market reaching 793,000 units and the PHEV market share reaching 27%.


      It is worth noting that while new energy vehicles are developing at a rapid pace, they are also facing many challenges, including, the rising cost of raw materials, the removal of subsidies, and the fact that there is still a large gap between the first acquisition cost of a new energy vehicle and a traditional fuel vehicle. In addition, the uneven development of charging infrastructure also directly affects the user experience of new energy vehicles.