China delivered 2.24 million cars wholesale in August, the most for a month this year and a record high for what is usually a slow period.
(Bloomberg) — China delivered 2.24 million cars wholesale in August, the most for a month this year and a record high for what is usually a slow period.
Deliveries of China-made electric vehicles and plug-in hybrids reached 716,000, up 35% from August 2022, the China Passenger Car Association said Friday.
CPA Secretary General Cui Dongshu said exports are “the key reason” for the strong overall vehicle sales.
Read More: How China Beat Everyone to Be World Champ in Electric Vehicles
Automakers such as BYD Co., Nio Inc. and SAIC Motor Corp. are looking overseas to boost deliveries as sales slow at home, according to Counterpoint Research. While still the standout market, China’s EV sales growth slowed to 37% in the second quarter from a year earlier versus a global average of 50%, the consultancy said in a research note published Thursday.
“If you exclude China, by far the biggest market for EVs globally is Western Europe,” said Ethan Qi, associate director at Counterpoint Research. “Right now it’s all about MG, the SAIC-owned British badge that’s spearheading Chinese growth in the region with its compact cars and SUVs.”
The $20,000-$40,000 segment is an area where Chinese EV brands have a lot of depth, while traditional automakers are struggling, Qi said.
Chinese manufacturers’ share of EV sales in countries excluding China will likely top 10% in third quarter, Counterpoint said, up from 9% last quarter, when US brands led by Tesla Inc. held 35% and German carmakers had 22%.
Read More: Tesla’s China Deliveries Rebound in August on Price Cuts
Last year, about one in four cars sold in China was an EV. The country is assembling infrastructure to match, adding 659,000 public chargers in 2022, more than 70% of what was installed globally.
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