Page 7 - Issue 3 2023

INDUSTRY NEWS

EV sales up with China dominating

By Fereidoon Sioshansi, PhD, Menlo Energy Economics

China has identified EVs and batteries as one of the country’s strategic export sectors

lectric vehicle (EV) sales are rapidly rising in many key markets
around the world. On an annual basis, US sales increased 56% by
EOctober 2022 compared to the prior 12 months. While small in
absolute terms – 86 000 vehicles in October 2022 – they continue to
grow.
California is already home to 1,3 million EVs, representing 42% of
the total US market and accounting for nearly 18% of all new cars sold in
America. The number of battery electric vehicles (BEVs) in Germany was
expected to reach one million by the end of the year.
Globally, China is the biggest market for EVs. For 2022, BYD (Build Your
Dreams) – the biggest manufacturer – sold over two million electric cars,
three times as many as in 2021. The company has sold more than three
million in total thus far. Founded in 2003, BYD manufactures automobiles,
buses, electric bicycles, trucks, forklifts, solar panels and rechargeable
batteries. Fereidoon Sioshansi
The Shenzhen based automaker is making waves in its sales of electric
vehicles. In 2022, it overtook Tesla as the world’s largest EV manufacturer model is priced at around $8400 and
by number of vehicles sold. Unlike Tesla, BYD sells mostly to the mass offers a 290 km range per charge.
market at modest prices. One of its most popular models in China’s At such a price, Teslas and
domestic market is ‘Seagull’ which runs on sodium-ion batteries. The basic Mercedes Benzes simply cannot
compete. Central planners in China
have identified EVs, batteries and
chargers as one of the country’s
strategic export manufacturing
sectors. That is likely to result in
massive government investments
at preferentially low interest rates
to monopolise the market and force
competitors out of business – just as
they did with solar panels.

Acknowledgement
This article was first published in
the February 2023 issue of EEnergy
Informer and is republished here with
permission.

Send your comments to
Figure 1: Growing EV monthly sales, 2021 vs. 2022 rogerl@nowmedia.co.za

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