According to the CEO of BYD, the largest electric vehicle manufacturer in China, by March 2024, 48.2 percent of new cars will be fully or partially electric. Wang Chuanfu, CEO of BYD, stated that last week new electric vehicles (NEVs), which includes fully electric vehicles (BEVs), plug-in hybrids (PHEVs), and hydrogen fuel cell vehicles, accounted for 48.2 percent of all cars sold in China.
Wang mentioned that if this trend continues, NEVs will represent 50 percent of total car sales within three months. This is a significant increase considering that just a month ago, the CEO estimated that it would take until the end of 2024 to reach this milestone. In 2023, electric and hydrogen vehicles accounted for 35 percent of all new car sales in China.
The BYD group, before Wang’s announcement, boasted about selling a record-breaking three million new cars in 2023, undermining Tesla’s position in the market once again. BYD’s electric car exports surged by more than 330 percent last year, with nearly 243,000 vehicles being sold in 70 countries.
Chinese EVs dominate the market
The Chinese market confirms the trends observed in other countries: electric vehicle sales are steadily increasing while sales of combustion-engine cars dwindle. It is projected that in the coming years, electromobility will dominate the automotive market. The Chinese government has set ambitious targets for the electrification of the car fleet, and automotive companies are rising to the challenge by investing in electrification technologies.
By 2030, it is estimated that electric vehicles will account for 58 percent of global vehicle sales. China’s booming market for electric vehicles has a significant impact on these predictions. The growing popularity of electric vehicles in China is also driving the development of charging infrastructure, which is crucial for the success of the electric vehicle industry.
Another factor driving the acceleration of electrification is the growing air pollution in major cities such as Beijing and Shanghai. Electric mobility is one of the most effective solutions for improving air quality and reducing harmful emissions.
Not only BYD but also other Chinese car manufacturers such as Nio and Xpeng are intensively developing their electric models and gaining popularity both domestically and internationally. The competition in China’s electric vehicle market is heating up, fostering innovation and driving the industry’s growth.
Chinese EVs vs. Tesla
Chinese electric vehicles, such as BYD, pose a serious challenge to Tesla. Thanks to affordable technologies and government support, Chinese brands can offer competitively priced electric vehicles with long ranges and modern designs.
BYD has thrown down the gauntlet to Tesla, a leading global electric vehicle manufacturer. In 2023, BYD sold a record-breaking three million new cars, and this number is expected to grow in the coming years. Furthermore, BYD’s electric vehicle exports increased by over 330 percent, which has a significant impact on the global electric vehicle market.
However, Tesla is not sitting idly by. The American electric vehicle company is a market leader with big ambitions. In recent years, Tesla has opened a factory in Shanghai, enabling the company to lower production costs and offer competitively priced vehicles. Elon Musk, CEO of Tesla, also plans to open additional factories in China and other parts of the world.
The competition between Tesla and Chinese manufacturers is intensifying. Both sides have their strengths and are vying for the electric vehicle market worldwide. As a result, consumers have a growing choice of attractive electric vehicles, which accelerates the global transformation of the automotive industry.
Źródło: Energetyka24