The electric vehicle (EV) market in China reached 380,001 units in January with an annual growth rate of 137.5%, maintaining its position as the world’s largest EV sales sector, according to new data from Researcher and Research.
This accounted for 58.2% of the global EV sales market, up from 50.2% in the same period last year. This, by far, was the largest sales region worldwide.
China’s sales breakdown of battery EVs and plug-in hybrid EVs were 79.3% and 20.7%, respectively.
The top selling models represented a total of 220,389 units with a market share of 58.0%, a significant decrease from 74.9% for the same period a year ago. Researcher and Research said this was mainly due to the decline in the top-selling model, Wuling HongGuang Mini, from 23.0% in 2021 to 9.7% this year.
Except for the Tesla Model Y, the other Top 20 best selling EV models belonged to Chinese EV OEMs. This trend is increasing from last year where the BMW 530Le was also in the Top 20.
“This shows that the sales power of Chinese EV OEMs in China grew significantly and will gain a larger market share in 2022,” said Y.-C. Hsu, co-founder and CEO at Researcher and Research.
BYD had the highest market share in January followed by General Motors’ Chinese brands and Cherry Automobile.
“These EV OEMs have good technology and product quality, and their models are competitive in price,” Hsu said. “The combined market share of the top 15 EV OEMs was 83.4% in January 2022, and we believe the market share of them will further increase.”
