Chinese electric car market to set new records in 2023
This year, Chinese manufacturers of electric vehicles will strengthen their positions in domestic and foreign markets, with total sales expected to grow by 35 percent year-on-year, The Financial Times reports
It is noted that there should be the largest volume of sales of electric vehicles in China in 2023. According to Neil Beveridge, an analyst at Sanford C.Bernstein & Co, every 7 out of 10 electric vehicles are sold in China these days.
According to the expert, by the end of 2025, electric vehicles will account for half of car sales in the Asian country.
It is known that, in 2022, the share of Chinese electric car manufacturers such as BYD, Xpeng, Li Auto and NIO increased from 78 to 81 percent in the domestic market. Therefore, companies will want to increase exports and gain a foothold in foreign markets. For example, BYD plans to build new factories in Europe, Asia and South America and increase exports of electric vehicles 6-fold.
Experts predict that, in 2023, buyers in China will purchase 8-10m electric vehicles – much more than in previous years.
