Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales.[4] The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots.[5]
The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs[6] and around 80% of lithium-ion batteries in the world are used in EVs.[7] The industry also has significant Chinese presence, with major players including world''s largest CATL, BYD, CALB, Gotion, SVOLT and EVE Energy.[8]
It is difficult to estimate the comparative size of EV companies in China as foreign companies such as Tesla and VW have significant sales and manufacturing in China, while Chinese companies such as BYD have significant overseas sales. Some Chinese companies also have foreign-based subsidiaries such as Geely, which owns Polestar and Lynk & Co.
According to Bloomberg, there were 500 Chinese electric car manufacturers in China in 2019. After fierce competition, only 100 manufacturers remained by 2023.[11] According to Wired, as many as 300 manufacturers, both domestic and international, were offering electric vehicles in China in 2023.[12]
Volkswagen manufactures electric vehicles in China through joint ventures such as Volkswagen Anhui (formerly JAC-VW), SAIC-VW (Anting), FAW-VW (Foshan), producing vehicles based on the Volkswagen MEB platform. Capacity is expected to reach a total of 1 million by 2023, around 20% of Volkswagen''s total automotive production in China.[16][17]
As of at least 2024, the Chinese EV industry is in a strong competitive position in the developing world market, including southeast Asia.[18]: 58–59 Many southeast Asian countries have made policy Changes in an effort to attract investment from Chinese automakers.[18]: 59
It is the fourth largest plug-in electric vehicle (BEV and PHEV) company and fourth largest BEV company in the world, with 9.1% and 7% global market share respectively in 2021.[22] The company is undertaking rapid expansion, with sales hitting over 100,000 per month in March 2022, and is expecting to sell between 1.5 million to 2 million plug-in EVs in 2022, around 3 to 4 times the volume in 2021, possibly overtaking current world leader Tesla.[23]
SAIC Motor Corp., Ltd. (formerly Shanghai Automotive Industry Corporation) is a Chinese state-owned automobile manufacturer headquartered in Anting, Shanghai. Founded in 1955,[24] it is currently the largest of the "Big Four" state-owned car manufacturers of China, namely: SAIC Motor, FAW Group, Dongfeng Motor Corporation, and Changan Automobile, with car sales of 5.37 million, 3.50 million, 3.28 million and 2.30 million in 2021 respectively.[25]
The company produces and sells vehicles under its own branding, such as Maxus, MG, Roewe, Baojun (under SGMW), Wuling (under SGMW), Feifan, as well as under foreign-branded joint ventures such as SAIC-Volkswagen and SAIC-General Motors. In 2021, domestic-branded cars took 52% of sales.[26][27] It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Feifan.
It is currently a Fortune Global 100 company, ranked 60 on the list. Including SGMW, it is also the third largest plug-in electric vehicle (BEV and PHEV) company and second largest BEV company in the world, with 10.5% and 13% global market share respectively in 2021, selling under brand names such as Wuling, Baojun, Maxus, MG, Roewe and Feifan.[22]
Great Wall Motor Co., Ltd. (GWM)[28] is a Chinese privately owned automobile manufacturer headquartered in Baoding, Hebei. Founded in 1984, it is currently the eighth largest automobile manufacturer in China, with 1.281 million sales in 2021.
Named after the Great Wall of China, the company is China''s largest producer of sport-utility vehicles (SUVs) and pick-up trucks.[29] In 2021, it was the third largest Chinese plug-in electric vehicle manufacturer in the Chinese market, with 4% of market share, selling under brand names such as Ora and Haval.[5]
Guangzhou Automobile Group Corp., Ltd. (GAC Group) is a Chinese state-owned automobile manufacturer headquartered in Guangzhou, Guangdong. Founded in 1954, it is currently the fifth largest automobile manufacturer in China, with 2.144 million sales in 2021.
The company produces and sells vehicles under its own branding, such as Trumpchi, Aion, Hycan as well as under foreign-branded joint ventures such as GAC-Toyota, GAC-Honda, GAC-FCA (Jeep) and GAC-Mitsubishi. It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Aion and Hycan.
In 2021, it was the fourth largest Chinese plug-in electric vehicle manufacturer in the Chinese market, with 4% of market share.[5] It sold over 20,000 units of EVs in March 2022.[5][30]
Zhejiang Geely Holding Group Co., Ltd (ZGH), commonly known as Geely, is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. The company is privately held by Chinese billionaire business magnate Li Shufu. It was established in 1986 and entered the automotive industry in 1997 with its Geely Auto subsidiary.[31] Geely Auto is currently the seventh largest automobile manufacturer in China, with 1.328 million sales in 2021.
The company produces and sells vehicles under its own branding, such as Geely Auto, Geometry, Maple, Zeekr, under foreign-located subsidiaries, such as Volvo Cars, Polestar, Lynk & Co, Proton, Lotus as well as commercial only vehicles under the London EV Company, Ouling Auto and Yuan Cheng Auto (Farizon Auto) brands. It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Geometry, Maple, Zeekr and Polestar.
The group sold over 2.2 million cars in 2021.[32] The company sold over 17,926 plug-in electric vehicles in January 2022.[33]
As of 2021, total demand of the market was 296.8 GWh, over double of the amount in 2020.[8] As of Q1 2021, LFP type battery market share reached 24.1%,[36] with Chinese manufacturers holding a near monopoly,[6] and is expected to rise further to surpass NCM type batteries in 2028.[7]
Companies listed include all battery manufacturers, some of which may not be involved in EV battery manufacturing.[40]
E-vehicles use only electric motors and gearboxes, and have few parts requiring maintenance. Compared to traditional vehicles and excluding the battery, they are cheaper and easier to build.[47] However, building battery with sufficient capacity and discharge-cycles is a challenge.
BYD Company is a Chinese company that builds rechargeable batteries using a new technology that, according to the company, makes them safer than other lithium-ion models. In 2005, it became the world''s leading small battery company and is one of the world''s largest manufacturers of rechargeable batteries. It is emerging as a leader in the technology sector.
Tianjin Lishen Battery Joint-Stock Co. Ltd. is another China based battery manufacturer. The company has a partnership with Coda Automotive, a California based company, to develop a Coda electric vehicle and ultimately, batteries for use in electricity generation. The focus of the latter will be to provide energy storage for wind and solar energy generation.
In 2017, the government battery subsidies fell by 30% and Chinese EV sales dropped.[48][49]
While the shape of this industry is still emerging, electricity generation and the infrastructure to deliver energy appear to be the areas with the highest potential and relevancy to manage future energy use. According to consulting group Oliver Wyman, "some utilities are already engaging a specific area of the value chain, setting priorities for near-term, medium-term, and long-term initiatives. They have begun to model different market and business impact scenarios, with the goal of identifying the biggest upsides and pitfalls."[50]
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