According to Researcher and Research LLC, China’s electric vehicle (EV) market reached 1.131 million units in the first quarter of 2022, with an annual growth rate of 145.0%. Its share of the global EV market grew to 56.5% from 39.4% in the same period last year. The sales proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 79.4% and 20.6%, respectively, and compared with 84.2% and 15.8% in the same period of 2021, PHEV showed significant growth. EV and BEV penetration rates reached 21.9% and 17.4%, respectively, over doubling from 9.1% and 7.7% in the same period last year.

 

Taipei, Taiwan, April 25, 2022—According to Researcher and Research LLC, China’s EV market reached 1.131 million units in the first quarter of 2022, with an annual growth rate of 145.0%. Its share of the global EV market grew to 56.5% from 39.4% in the same period last year. Except for maintaining its position as the world’s largest EV sales market, China also had the highest year on year (YoY) growth rate among the global top 10 EV countries.

The sales proportions of BEV and PHEV were 79.4% and 20.6%, respectively, and compared with 84.2% and 15.8% in the same period of 2021, PHEV showed significant growth. EV and BEV penetration rates reached 21.9% and 17.4%, respectively, over doubling from 9.1% and 7.7% in the same period last year.

In terms of best-selling models, the top 20 sold a total of 662,129 units, with a market share of 58.5%, a slight decrease from 59.0% a year ago, as shown in figure 1.

 

Sales of the top 20 best-selling models in China in Q1 2022

Figure 1  Sales of the top 20 best-selling models in China in Q1 2022

 

Among the top 20 models, the mini car segment declined significantly, from 23.8% in the same period last year to 13.8%, a decrease of 10.0%; in contrast, the mid SUV segment grew the most, up 7.8% to 11.7% from 3.9% a year ago.

With regards to the sales performance of the top 15 EV OEMs, BYD had the best performance among the top 15 EV OEMs, as shown in figure 2. The common feature of GM (including Wuling HongGuang Mini sales) and Tesla, which ranked second and third place, respectively, was that they led other automakers with higher market shares (11.1% and 9.6%, respectively), but their growth rates were relatively low (22.0% and 48.9%, respectively). Dongfeng, which had the highest growth rate in the first quarter, saw a strong sales increase YoY, with a market share of 2.0%.

 

Annual growth rate and market share of the top 15 EV OEMs in China in Q1 2022

Figure 2  Annual growth rate and market share of the top 15 EV OEMs in China in Q1 2022

 

In terms of sales performance between Chinese and non-Chinese automakers, the market share of non-Chinese automakers fell sharply to 28.1% in the first quarter of this year, from 45.9% in the same period last year. Non-Chinese automakers active in China were still dominated by American automakers, including GM and Tesla (Ford sales were very small), with a market share of 20.7%, followed by European automakers with a market share of 5.5%, Japanese automakers with 1.8%, and others with 0.1%.

The Chinese EV market sales in the first quarter far outperformed expectations. However, many EV automakers have increased the prices of their models in response to the changes in China’s subsidy policies and rising raw material costs. This, coupled with lockdowns in some regions due to the Zero-Covid policy, exacerbated supply chain constraints and weakened April’s sales prospects. These factors have made the Chinese EV market in the second quarter even more uncertain. Dr. Y.-C. Hsu, co-founder & CEO at Researcher and Research LLC considers that ” The weakness is not carried into H2 of May. And one bright spot is the demand in the Chinese EV market in H2 of this year is 8.5% higher than our last month’s projection. Thus, we maintain our previous estimate for the Chinese EV market at 5.8 million units in 2022, with a 79.5% annual growth rate.”

 

 

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.

 

 

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