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Chinese automakers dominate electric vehicle market: report

Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China   | Photo Credit: Reuters

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Battery-powered electric vehicles sales jumped in the first quarter of 2021, dominated by Chinese automakers. Nearly 750,000 units were sold, a growth of 153% compared to the same period last year, according to market intelligence firm TrendForce.

Tesla retained its top spot with a share of 24.6% by a single car maker; Chinese automakers collectively took the lion's share of 25.1% in the EV market, TrendForce noted. Chinese automakers Wuling Hongguang, BYD, and ORA occupied three of the top five spots.

Wuling Hongguang continued to set sales records in the Chinese market with its Hongguang MINI being the most sold vehicle in China in the same quarter.

Large market size, support from the government, and ability to book EVs online in China has pushed sale of EVs in the world’s second largest country. The Chinese state has been pushing for EV adoption in rural areas since March 2021, and online auto retailers’ sales promotions during shopping seasons is said to have helped Chinese automakers, TrendForce noted.

Also Read | India to become No 1 EV maker in world: Nitin Gadkari

The story is different in Europe as sales performances appear relatively uncertain in the second quarter due to each EU member’s varying market conditions, border restrictions, and pandemic responses, TrendForce said.

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Printable version | Jun 22, 2021 8:16:03 AM | https://www.thehindu.com/sci-tech/technology/chinese-automakers-dominate-electric-vehicle-market-report/article34585908.ece

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