Will China set a new record in NEV sales and exports again this year?
Remember when cars from China were seen as “low quality” and almost no one would buy them? Yeah, if you do then congratulations, you’re probably old like me. These days, cars like the Chery Omoda 5 and BYD Atto 3 not only challenge that old notion, and even prove it wrong in the best ways possible
Now, we know that China is not just a global powerhouse economy, it is also now the largest exporter of vehicles in general and cars from the country are now so advanced they are the preferred choice of many in all segments and China even leads in New Energy Vehicle (NEV) sales and exports too.
Moreover, 2023 was also a great year for China as over 7.7 million new energy passenger vehicles were sold in the country last year. This is up 36 percent from the previous year according to the China Passenger Car Association. China’s exports of such cars also soared 72 percent to nearly 1.1 million in the period as well.
In fact, during December alone, sales of NEVs in China hit 945,000 units, up 47.3 percent as opposed to the previous year and is rising 12.1 percent on a monthly basis. This is extremely impressive considering that electric vehicle (EV) sales are declining rapidly in the West right now.
On top of that, with NEVs, customers have far more options to choose from as opposed to just EVs which come with a laundry list of problems that can be avoided by simply choosing another powertrain. Since NEVs also include things like Hydrogen power, this minimises the EV problem.
Kudos to China and honestly, it is only a matter of time, in my opinion, before Chinese NEVs dominate every road in the world and this is no longer a bad thing. After all, we all know that the numbers don’t lie and right now, the numbers seem to say that Chinese NEVs are the future.
What do you guys think? Will your next car be a Chinese NEV?
