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1 May, 2023 12:10

China leading global EV race – data

Electric car sales reached a new peak in the largest markets last year, the IEA says
China leading global EV race – data

Sales of electric vehicles soared to record highs last year with China being the frontrunner, the International Energy Agency reported this week.

Global sales of battery electric cars and plug-in hybrids passed the 10 million mark in 2022, with 60% of the vehicles sold in China, the IEA said in the latest edition of its annual Global EV Outlook. More than half of the electric cars currently on the roads worldwide are in the East Asian nation, the report states.

The second largest market is Europe, where electric car sales jumped by over 15% in 2022. The US – the third largest market – saw an increase of 55% last year, with electric vehicles representing 8% of all car sales.

The share of electric vehicles in total car sales has been growing steadily over the past few years, rising from less than 5% in 2020 to 14% last year, the IEA said.

The agency expects a further increase this year thanks to national policies and incentives that help bolster sales, as well as concerns that the high oil prices seen last year could return.

Chinese EV maker BYD, a rival to Elon Musk’s Tesla, saw its profits jump 411% in the first quarter of this year, according to data reported by the Financial Times on Friday. The net revenue of the manufacturer, whose largest investor is the American business magnate Warren Buffett, rose by 400% in 2022 compared to the previous year. BYD accounts for 40% of EV sales in China, while Tesla’s share stands at 11%, according to the FT.

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