The electric vehicle (EV) market in China continued to grow at a rapid pace in February 2023, with a total of 328,000 EVs sold during the month. This represents a 65% increase compared to the same period last year, indicating that the demand for EVs is still very strong in the Chinese market.
Sales by Type
The sales of different types of EVs in China for February 2023 are as follows:
- Battery Electric Vehicles (BEVs): BEVs remained the most popular type of EV in China, with a total of 280,000 units sold in February 2023. This represents a 70% increase compared to the same period last year. The popularity of BEVs is largely driven by the government’s strong support for these vehicles through subsidies, tax incentives, and other policies.
- Plug-in Hybrid Electric Vehicles (PHEVs): PHEVs also saw a strong increase in sales, with a total of 38,000 units sold in February 2023. This represents a 50% increase compared to the same period last year. PHEVs are attractive to consumers who need the flexibility of a gasoline-powered vehicle for longer trips, but still want to enjoy the benefits of electric driving for shorter trips.
- Fuel Cell Electric Vehicles (FCEVs): FCEVs remain a niche market in China, with only 10,000 units sold in February 2023. However, this represents a significant increase compared to the same period last year, when only a few hundred FCEVs were sold. The Chinese government has recently announced new policies to support the development of the fuel cell industry, which may help to increase the adoption of FCEVs in the future.
- You don’t want to know how poorly $TSLA showed in actual Chinese registrations last month. And this was after steep discounting and shipping of the majority of Chinese production to Europe.
- Go to either the China or EU Tesla websites. You can order up a new Tesla today and have it delivered before next Friday. So much for high demand.
