Electric vehicle sales in China are expected to grow 35% annually, reaching 8.8 million units by 2023

25 Jan 2023

According to Paul Gong, the head of China automotive research at UBS, sales of passenger electric vehicles in China are expected to rise 35% annually to 8.8 million units in 2023. Additionally, the share of electric vehicles in all new car sales is expected to exceed 37%. This growth is being driven by increasing consumer awareness of electric car ownership and rapid development in the industry.


The Swiss investment bank sees long-term positive sentiment in the market as a result of these factors. Gong also added that overall sales in the world’s biggest auto market may increase slightly by 1% this year. This is in line with figures from the China Passenger Car Association, which reported passenger EV sales of nearly 6.5 million units with a penetration rate of 27.6% last year.
This prediction from UBS aligns with China's push for cleaner energy and transportation. The country has set a goal for new energy vehicles, including electric and hydrogen fuel cell vehicles, to make up 20% of its car sales by 2025.


The Chinese government has implemented various policies to support the growth of the electric vehicle market, such as subsidies for EV buyers and mandatory EV sales quotas for automakers. Furthermore, with increasing consumer demand, it seems likely that the electric vehicle market in China will continue to grow in the coming years.
In conclusion, UBS predicts that sales of passenger electric vehicles in China will rise significantly in the next few years, driven by a combination of government policies and increased consumer awareness and demand. This aligns with China's goal to increase the share of new energy vehicles, including electric and hydrogen fuel cell vehicles, in its car sales.

 

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