Major EV Companies Of China Saw Rise In Sales Of EVs in May 2023

By Indu Tyagi Ketan, 23 June, 2023

The electric vehicles (EV) market is booming as EV producers have seen a rise in demand in 2023. The auto industry is witnessing an expansion in the global sales of the overall electric car market share of up to one-fifth. China's EV market is progressing as sales have risen since May 2023.

Based on a survey, revenue to be collected in the battery electric vehicles is expected to be USD 192.2 billion, and the volume-weighted average price for the battery electric vehicles segment will also increase in 2023. China is expected to generate most of the revenue, the market is anticipated to reach USD 192,200 million in 2023. Thus, the electric market of China in 2023 will be USD 292.10 billion, as per the survey reports.

According to the executive director of the International Energy Agency (IEA), the electric vehicles sector is rapidly growing and enhancing the global energy economy, bringing about a new change in the car manufacturing industry. The rise in demand for electric vehicles is directly proportional to oil demand worldwide. Thus, the increase in EVs will reduce oil usage by at least 5 barrels a day by 2030. The growing market of electric vehicles is concentrated in China, Europe, and the United States, and China is the largest center for EVs 60 percent of the total electric car sales globally is happening there, followed by Europe and the United States, bringing the second and third largest markets, respectively. 

The major EV companies in China saw a great deal of EV sales in May 2023, but the case was different with NIO to have faced a decline in sales of EVs with 8 percent down from April; the company delivered only 6,155 vehicles. Also, Tesla's Shanghai gigafactory manufactured up to 75,842 Model 3 and Model Y's in May 2023. 

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Major EV Companies Of China Saw Rise In Sales Of EVs in May 2023

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