China’s EV race. China's EV sales almost doubled in 2022 with 87% YoY growth. EVs now account for ¼ cars sold in China. 

‍Product range. There are more than 94 brands — that’s over 300 different models. 

• You can get anything from $5000 all the way to over $90,000. 

Staying local. What’s unique is that over 80% of the market is commanded by local brands. 

So many brands. There’s a range of home-grown EV startups. 

• To name a few: Nio, Xpeng, Neta, AITO, IM Motors, Zeeker, Aiways and Livan. 

‍

📈 Driving EV (sales)

The surge in adoption can be traced back to governmental incentives. EV buyers are entitled to a 10% purchase tax exemption which ends at the end of this year. 

Price wars. As brands compete to capture new EV owners, they compete for customers based on prices. 

‍

🚗 Car race

With China being such a large market, the pressure is no doubt catching up to legacy car makers. 

🇩🇪Volkswagen pledged to launch 10 new EV models by 2026. They’ve even increased their pace to develop new products to keep up with Chinese competitors. 

‍

🇯🇵 By 2030, Nissan is planning to make 80% of its product lineup in China all electric.

As different brands race to take a larger slice of the market, China’s homegrown brand BYD continues to introduce new product lines. 

• Most recently, they launched a budget EV ($11,500) and a premium EV SUV (approx. $150,000).