China Sees Growing Sales Of Electric Vehicles, Soon To Electrify Roads

By Shubham Munde , 07 August, 2023

China is ahead of other economies in selling battery electric vehicles (BEV) and will soon lead globally. Whether electric car sales will remain higher than the 20 percent target in 2023 is uncertain.

Based on a survey, China has become the forerunner of the global battery electric vehicle (BEV) in the last ten years by raising its annual sales from 10,000 in 2012 to 4.4 million in 2022 for electric cars. The electric car sales in January 2023 sank, nearly 10 percent lower than in January 2022 as the demand declined for various reasons. According to the data released by the International Energy Agency (IEA), three countries showed that most BEVs sold in 2022 were among the top five countries. It has been the scenario since reducing carbon emissions in transportation has been the primary goal of e-mobility. The electric car sales again hiked in February and March 2023, about 60 percent above sales in February 2022 and 25 percent above sales in March 2022, respectively. It reflected upon sales in the first quarter of 2023, which is 20 percent more than in the first quarter of 2022. As per the sources, China expects a favorable cost price of electric cars to outbalance the effects of the phase-out of land transport subsidy. IEA expects China's electric car sales to be more than 30 percent in 2022 to reach approx.—eight million by the end of 2023.

Along with China, the United States and France are also in the run of electrifying their passenger car fleets. Also, Germany is emerging as a contender in this field, thus, registering almost around half a million electric cars in 2022.