According to Researcher and Research LLC, China’s electric vehicle (EV) market reached 380,001 units in January 2022, with an annual growth rate of 137.5%, maintaining its position as the world’s largest EV sales market. In China’s EV market, except for Tesla Model Y, the rest of the other best-selling 20 models all belonged to Chinese EV OEMs, and the trend of Chinese EV OEMs dominating the sales was more evident. In terms of the sales performance of the top 15 EV OEMs, BYD had the highest market share, while Geely Auto Group had the best growth rate.

 

Taipei, Taiwan, March 1, 2022—According to Researcher and Research LLC, China’s electric vehicle (EV) market reached 380,001 units in January 2022, with an annual growth rate of 137.5%. Its share of the global EV market grew to 58.2% from 50.2% in the same period last year, maintaining its position as the world’s largest EV sales market.

The sales proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 79.3% and 20.7%, respectively, and compared with 84.1% and 15.9% in the same period of 2021, PHEV showed significant growth. EV and BEV penetration rates reached 17.8% and 14.1%, respectively, a significant increase compared with 7.6% and 6.4% in the same period last year.

In terms of best-selling models, the top 20 sold a total of 220,389 units, with a market share of 58.0%, a significant decrease from 74.9% a year ago, mainly due to the decline in the share of the top-selling model, Wuling HongGuang Mini, from 23.0% in the same period last year to 9.7% this year.

 

Sales of the top 20 best-selling models in China in January 2022

Figure 1  Sales of the top 20 best-selling models in China in January 2022

 

Except for Tesla Model Y, the rest of the other best-selling 20 models all belonged to Chinese EV OEMs, as shown in Figure 1, and the trend of Chinese EV OEMs dominating the sales was more evident than in 2021. For example, in addition to Tesla Model 3, BMW 530Le was also included in the best-selling 20 models for non-Chinese EV OEMs in January 2021, with these two models accounting for a total of 10.2%. Still, in January 2022, only Tesla Model Y remained on the list. “This shows that the sales power of Chinese EV OEMs in China grew significantly and will gain a larger market share in 2022.”said Dr. Y.-C. Hsu, co-founder & CEO at Researcher and Research LLC.

In terms of the sales performance of the top 15 EV OEMs, BYD had the highest market share in January 2022, followed by GM (including sales of Wuling HongGuang Mini) and Chery Automobile in third. Tesla (EV sales are significantly impacted by its sales plans in certain months), SAIC, GM, NIO and Great Wall had the worst annual growth rates among the top 15 EV OEMs, while Geely Auto Group, Hozon Auto, Leap Motor, BYD and VW Group were the EV OEMs with the best growth rates, as shown in Figure 2.“These EV OEMs have good technology and product quality and their models are competitive in price. The combined market share of the top 15 EV OEMs was 83.4% in January 2022, and we believe the market share of them will further increase.”Dr. Hsu added.

 

Annual growth rate and market share of the top 15 EV OEMs in China in January 2022

Figure 2  Annual growth rate and market share of the top 15 EV OEMs in China in January 2022

 

January is traditionally a slow month for the Chinese EV market, and with the Lunar New Year holiday at the end of the month, it was even weaker. However, the good performance of BYD in terms of market share, as well as the significant growth of Geely Auto Group, Hozon Auto, Leap Motor and VW Group in terms of year-on-year growth, made it possible for these EV OEMs to achieve better future performance.

 

 

Note:

Researcher and Research here defines EV as battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV), with passenger car as the primary purpose.

 

 

About Researcher and Research LLC

Established in January 2020, Researcher and Research LLC determined to be one of the best research companies in the field of market and strategy to help our clients think strategically to assess business investments. We will initially focus on research of electric vehicle (EV) market and automakers’ strategy, and then expand into other areas, such as EV battery supply and demand analysis and self-driving technology research. We believe that quality research will lead to a high level of customer and we are committed to continue to invest more research resources and provide better quality research services.

 

 

Report and Press Contact

Peter Lin, Co-founder and COO

hello@thernrcorp.com