2023 To See China, India EV Sales Go Beyond 10 Million For First Time

2023 To See China, India EV Sales Go Beyond 10 Million For First Time

Even as industry celebrated crossing the 1 million EV sales mark in India by September, the global leader, China is expected to surpass 10 million new energy vehicle sales this year, according to a recent report.

EVs accounted for 6.4 per cent of the total automobile sales in the country this year, with two wheelers dominating with a 56% share, followed by three wheelers and automobiles. That points to the role of FAME subsidies, and the faster transition among B2B firms towards EVS in the 3 wheeler space especially.

In China on the other hand, new EV penetration rate was nearly 30 percent last year,with the figure in the figure in Shanghai crossing 50 percent. Other smaller tier cities are fast catching up, powering sales ahead for the crowded industry in that country, with over 65 serious manufacturers.

While Beijing, Chongqing, Wuhan, and Guangzhou each have more than 10 finished car plants, Guangzhou and Chongqing lead the table in terms of the highest number of listed NEV-related firms, with 100 and 70, respectively.

China has moved on in other ways too, with intelligent driving becoming the new focus area for many firms. Expect self driving regulations and examples from that country to abound in some time. Chinese EV makers managed to sell  679,000 units abroad in 2022, a number they hope to take past a million in 2023.

The boom in sales in the two Asian giants continues to follow different trajectories, with India possibly facing a short slowdown as it aligns policies and subsidies to new market realities. India will also hope to push harder once dependence on China for critical battery components comes down, especially Lithium ion cells. Somewhat like the situation in the solar sector, where a massive ramp up is expected from 2024 as local manufacturing ramps up significantly by then for a wider part of the solar supply chain. Collectively, the 10 million figure is a given however between these two countries, indicating just ow far the industry has moved, making Asia the unmistakable hub for EVs well into the coming decade, when we take into account the expansion underway in other key markets across South East Asia, Japan and even the Middle East.

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