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2023 Chinese EV Market and Chinese OEMs[1] Overseas Market Targeting Trend[2]

 

From Jan to Apr 2023, a total number of electric vehicles (BEV+PHEV) registered in the world was approximately 3.723 million units, recording a 40.1% YoY increase. Among the global EV sale, those sold in China were 2.126 million units, taking up 57.1% of the market share.


(Source: Global Monthly EV and Battery Monthly Tracker published in May 2023, SNE Research)

 

The shares of non-China OEMs such as Tesla, Volkswagen, and BMW seem to be in an downward trend, declining from 27.4% in 2020 to 16.7% in 2023. Although their shares have reduced, the number of cars sold by global OEMs in China recorded 0.36 million units in 2020, 0.74 million units in 2021, and 1.11 million units in 2022, showing a high growth of average 77% per year. This can be interpreted that the Chinese OEMs have increased the portion of sale in the Chinese market up to 83.3%, strengthening the formation of the domestic market while seeking for a chance to safely leap into the global market.


(Source: Global Monthly EV and Battery Monthly Tracker published in May 2023, SNE Research)

 

The overseas electric vehicle sale by the Chinese OEMs had declined till 2019, but after that the portion has sustained at around 7%. On the other hand, the number of electric vehicles sold has seen a 81% YoY increase since 2019, accelerating the entrance to overseas markets by the Chinese OEMs. Particularly, several Chinese OEMs have already started to aggressively sell their EV models in the European and Asian regions including Atto3 from BYD, MG from SAIC, and Lynk & Co from Geely. From Jan to Apr 2023, a total of 130,000 units have been sold, and more than 480,000 units are expected to be sold in 2023.

 

Amidst many countries in the world have been promoting policies, such as the US IRA and European CRMA, to foster their domestic business, the Chines car groups and battery makers, who face hurdles in entering the US market, have turned their eyes to Europe and Asia and started to make huge investments. In particular, it is expected that securing shares in the European market, except China and the US, is forecasted to bear more importance than before.




[1] Volvo and Polestar brands owned by Geely are included into the non-China OEMs.

[2] Based on the number of electric vehicles of non-China OEMs and Chinese OEMs sold in different regions. 

 

 

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