China has emerged as a global powerhouse in electric vehicles (EV), anchoring over 50% of EV sales worldwide. With über growth projections, heavy government backing, and breakneck expansion from domestic automakers, China appears poised to cement its leadership in e-mobility.
Annual EV sales in China have exploded 169% from 2020 to 2021 topping 3 million vehicles sold, according to China Association of Automobile Manufacturers.hybrid and plug-in EVs now garner a 15% share of new car sales, surpassing longtime leaders Europe and North America.
BloombergNEF projects China will hit 6 million EV sales by 2025 absent policy changes, commanding well over 50% of the global EV market. More aggressive forecasts from Navigant and JP Morgan see China EV sales rocketing to over 30 million per year by 2030!
Driving this astounding growth is a perfect storm of rising incomes, government EV mandates, grip-like local supply chains, and cutthroat domestic automakers aggressively expanding EV lineups.
Chinese brands now dominate the local EV market. Let‘s examine the 6 largest players leading the charge…
The Mass Market – SAIC-GM-Wuling
Commanding over 11% share of China‘s new energy vehicle market…,
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When comparing popular EV models domestically, Chinese automakers like BYD and SGMW lead passenger car sales thanks to affordable compact options. Premium brands like NIO and Xpeng cater more to tech-savvy higher income buyers. See how various models stack up on range, acceleration, pricing and other specs:
| EV Model | Price Range | 0-60 mph | Max Range | Battery (kWh) | Segment |
|---|---|---|---|---|---|
| Wuling Mini EV | $4,500 | NA | 120 mi | 9.3 kWh | Micro/City Car |
| Li ONE EREV | $29,000 – $38,000 | 5.5 seconds | 330 mi | 60.48 kWh | Mid-size SUV |
| BYD Han | $38,000 – $48,000 | 4.7 seconds | 372 mi | 77.4 kWh | Mid-size Sedan |
| Xpeng P7 | $37,000 – $49,000 | 4.3 seconds | 436 mi | 80 kWh | Mid-size Sedan |
| NIO ET7 | $69,000 – $89,000 | 3.8 seconds | 621 mi | 150 kWh | Premium Sedan |
Looking ahead, China EV sales will continue seeing heady growth thanks to ambitious government targets under the New Energy Vehicles policy. But domestic brands also face cutthroat competition…
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In summary, China owns the EV crown today and domestic automakers appear primed for dominance as e-mobility continues taking over. But foreign rivals are also hungry for a slice of China‘s girionic growth story. Executing on ambitious expansion plans amidst unpredictable market swings remains the key challenge for Chinese companies seeking global ascendency.
