China’s EV market to see slower growth in 2023 as consumers hold off on big-ticket purchases
- China’s 200-odd EV makers are expected to deliver a total of 8.4 million vehicles in 2023, up about 30 per cent from the previous year’s 6.4 million
- That compares to the year-on-year growth of 114 per cent recorded in 2022. China’s EV industry sold 2.99 million vehicles in 2021
China’s electric vehicle (EV) market is set to lose steam in 2023 as Beijing phases out cash subsidies and consumers shy away from big-ticket items over concerns about a gloomy economy.
According to the China Passenger Car Association (CPCA), the mainland’s 200 or so electric-car makers are expected to deliver a total of 8.4 million vehicles in 2023, up about 30 per cent from this year’s 6.4 million units.
However, that growth rate is in stark contrast to the year-on-year growth of 114 per cent recorded in 2022. China’s EV industry sold 2.99 million vehicles in 2021.
“Drastic efforts must be made by [authorities and companies] to create jobs and improve employees’ incomes so that more vehicles can be sold in 2023,” said Cui Dongshu, general secretary of the CPCA. “We would also like to lobby taxation authorities to grant more incentives to bolster car purchases.”