AAA weekly

2022-01-17

China’s NEV Market Is Expected to Expand to 5 Million Units in 2022

This report includes information on the following topics: Key images:
  • China
  • NEV
  • New Energy Vehicles
  • market
  • factory shipment volume
  • BEV
  • PHEV
  • FCEV
  • demand
  • subsidy policy
  • sales
  • vehicle type
  • forecast
  • projection
  • Industrial Development Plan
  • Made in China 2025
  • REx
  • Range extender
  • regulation
  • NEV Technology Roadmap
  • CAFC
  • promotion
  • CATARC
  • ESV
  • Energy-saving vehicle
  • CAAM
  • bus
  • truck
  • semi-tractor
  • segment
  • large
  • medium
  • small
  • heavy
  • medium
  • light
  • mini
  • GVW
  • Gross vehicle weight
  • SC
  • Seating capacity
  • extension
  • tax exemption
  • State Administration for Market Regulation and the Standardization Administration
  • safety standards
  • NEV credit ratios
  • target achievement value
  • fuel efficiency
  • electricity costs
  • cruising range
  • government
  • deregulation
  • coronavirus
  • Covid-19
  • MHEV
Graph: China: NEV Market by Vehicle Type (Actual: 2010-2020, Forecast: 2021, Projection: 2022-2023)

The factory shipment volume of new energy vehicles (NEV = BEV + PHEV + FCEV) in China is expected to exceed 3.4 million units in 2021, about 2.5 times the previous year's level. The extension of the NEV subsidy policy from 2020, when it was scheduled to end, to 2022, and policy support such as raising NEV credit achievement requirements is seen boost NEV sales. China’s NEV market in 2022 is expected to reach around 5 million units, a 1.5-fold increase compared to 2021. The sharp rise is believed to take place due to the ending of China’s NEV subsidy policy in 2022, generating rush demand.

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