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Monday, January 30, 2023

With a local company at the helm, electric cars are going strong in China

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Tesla’s retail sales in China also nearly doubled in November from a year earlier, after the US automaker cut prices and offered incentives on its Model 3 and Model Y, data from China Merchants showed. Bank International (CMBI).

BYD’s retail sales totaled 152,863 vehicles from November 1 to 27, registering a nearly 83% increase in average daily sales compared with the same period a year earlier, according to the data.

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BYD’s figure was higher than Volkswagen’s retail sales of 143,602 and Toyota Motor Corp’s of 115,272, which were 0.3% and 0.5% lower respectively year-on-year.

However, the Volkswagen AG group continued to outsell BYD, if the 36,847 units sold under the Audi brand are included.

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If the retail sales trend holds up throughout the month, it would be the first time BYD, which started making cars in 2003, has topped the sales charts in China and the first time a company with a hybrid lineup plug-in and pure electric vehicles (EVs) lead the charts.

Automakers are bracing for a further decline in the Chinese market as they see the effect of incentives waning and the country’s zero-CO2 policies have driven consumers away from showrooms and weighed on confidence as the economy slows.

Stellantis said in October that its Jeep joint venture in China would file for bankruptcy, the first failure for a foreign brand in the era of electric vehicles.

Other established brands, such as Volkswagen, General Motors, Ford and Hyundai, have seen plant use in China fall by between 30 and more than 50 percentage points in the past five years.

Source: Ambito

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