China: Serious Oil Threat from Small EVs

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Full-year 2022 automobile sales figures for China reveal a stagnant market in which the only growth contribution came from electric vehicles (EVs). This growth more than compensated for the contraction in demand for oil-fueled autos that was most acutely felt in entry-level, small sedan cars. Latest data from the China Association of Automobile Manufacturers (CAAM) showed Chinese buyers snapped up almost 6.9 million EVs in 2022, of which small- to mini-sized models were the major contributors with a lion’s share of over 60%. EV sales pushed to new heights and soundly beat previous industry forecasts with a near-doubling, or 93% year-on-year surge that more than offset a 12% contraction in demand for oil-driven, or internal combustion engine (ICE) vehicles, thus preventing the total auto sales figure from slipping into negative territory. Combined EV and ICE sales ended the year at nearly 27 million units for a marginal growth of 2% year on year. On average, one out of four new cars sold last year was electric.

Electric Vehicles
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