Something went wrong. Error code 1.
This feature is only available for paying subscribers. You can continue reading without saving your preference, or you can subscribe now.
Already a subscriber? Log in here.
This feature is for paid subscribers only.
The Shanghai auto show in April was packed with Chinese electric vehicles (EVs) of all sorts, including concept cars, sports cars, and luxury cars. The event was a pivotal moment for China''s car industry: Foreign domination of China''s auto market was eclipsed by Chinese companies offering EVs whose performance, designs, and technologies match or exceed everything on offer from car companies in Germany, the U.S., and Japan.
China is already the giant of the global EV market: In 2022, 6.7 million units or 64% of global new energy vehicle (NEV) production (including EVs, hybrids, and cars running on hydrogen and other non-gasoline energy sources) occurred in China, which also accounted for 59% of the 10.52 million global NEV sales. Of the 7.65 million global EV sales last year, China accounted for over 5 million, meaning that almost two out of three EVs were sold in China.
The 15 Chinese companies listed in this guide were all among the top 25 global highest-selling EV brands in 2022. It was a breakout year for BYD, which was the top global company by sales. BYD sold 1.85 million EVs and hybrids in 2022, an increase of 211% year-on-year, which put it far ahead of Tesla with 1.31 million units.
But BYD and Geely are the only purely Chinese companies in the top 10 of global sales for 2022. And BYD still sells as much as 97% of its vehicles in China. Although Chinese companies dominate the domestic industry, their next crucial step is to go global. BYD and other Chinese brands are now aggressively expanding abroad.
Sign up for The China Project’s weekly newsletter, our free roundup of the most important China stories.
By subscribing you agree to our privacy policy.
In the global race to build EVs and the batteries that power them, China is winning hands-down. This includes the mining and processing of the raw materials and precious metals that go into batteries.
Although sodium-ion batteries are now increasingly entering the market, up to 99% of all batteries installed in NEVs are still made from lithium, and also contain base metals such as aluminum, copper, and iron, as well as more expensive metals like cobalt, nickel, and manganese.
China controls crucial links in the supply chains of all these metals. In addition to ramping up domestic lithium production, Chinese companies have undertaken a range of direct investments, equity deals, and supply or sales agreements with mining companies in Africa, South America, Indonesia, Australia, and Canada. In May 2022, for example, BYD reportedly identified six lithium mines for acquisition in Africa that would yield 1 million tonnes of lithium carbonate — enough to guarantee the company''s production for a full decade.
Downstream of mining, China dominates production at every stage of the battery supply chain, from the fabrication of the positive and negative electrodes to the manufacturing of the cells and their assembly into modules and then battery packs. About 75% of the global production of battery cells, 70% of specialized cathodes, and 85% of anode materials occur in China. China also produces 66% of separators and 62% of electrolytes.
In 2023 and the coming few years, we will likely see various other brands fall by the wayside, but the 15 mentioned here will probably stick around. There will also be new ones: Smartphone and consumer electronics giant Xiaomi announced in March 2021 that it would start making EVs, but it has not yet joined the market.
These are the 15 Chinese companies (including Tesla, which is not a Chinese company but manufactures most of its EVs in China) and joint ventures (JVs) with the highest EV sales in China in 2022 and the first quarter of 2023, based on data collected by the China Passenger Car Association (CPCA).
In addition to CPCA data, the Ministry of Public Security compiles numbers of insured vehicles, which shows how many EVs are sold to individual customers (as opposed to car and rental companies). The insurance numbers broadly track CPCA sales data but are somewhat lower.
The ChinaEdge database profile
Founded in 1995 with headquarters in Shenzhen and downtown Los Angeles, BYD began as a rechargeable battery business in the IT sector before branching out into handset electronics and then automobiles, including EVs. BYD took the money raised from a 2002 Hong Kong IPO to acquire an automotive unit from Tsinchuan Automobile, then the sixth-largest car manufacturer in China by sales volume.
At first, BYD focused on gas-powered cars, as it developed its battery technology. Then in 2008, the company introduced the F3DM, its first mass-produced plug-in hybrid, which allowed for 60 miles of electric driving on a full charge before switching to a conventional combustion engine. Also in 2008, Warren Buffett acquired a 10% stake in BYD for $230 million. Government subsidies and incentives to boost the NEV industry began kicking in soon after; BYD has been bolstered by billions of yuan in government subsidies and grants for research and development.
In a 2011 interview, Tesla CEO Elon Musk mocked BYD for its unattractive designs and weak technology, but he''s not laughing anymore: BYD is now the world''s leading seller of NEVs and Tesla''s only real global rival. Tesla was the world''s leading EV company by sales from 2019 to 2021, but in 2022, BYD sold over 1.8 million EVs worldwide for a global market share of 18.3%, beating Tesla''s 1.3 million units sold and 13% market share. (The closest global competitors behind the two frontrunners were way behind: SAIC-GM-Wuling and VW with below 500,000 units.)
In China, BYD has a market share of about 30%, with at least 25 different models on sale, including hybrids and full EVs, ranging in price from 100,000 yuan ($13,841) to 1 million yuan ($138,417). In November 2022, BYD launched a new high-end EV brand called Yángwāng, which means "look up," and presales of the first model, the U8 SUV, commenced at the 2023 Shanghai auto show. The company will be launching another new luxury brand, code-named Brand F, in 2023.
BYD has three major production bases — in Shenzhen, Xi''an, and Changsha — and is currently constructing several more. The company expects to make 4.7 million vehicles in 2023, and 6.2 million in 2024. Crucially, BYD has a vertically integrated production chain and produces its own batteries, and it is the only Chinese company with a complete insulated-gate bipolar transistor (IGBT) industry chain, which is essential for EV production.
BYD models, however, are not renowned for their "smart" functionality, and in terms of assisted or autonomous driving, its cars are inferior to Tesla''s. But BYD has achieved enormous success in China by offering customers a value-for-money proposition, and the company has other crucial advantages in its quest to become a truly global brand: It is profitable, it has an integrated supply and production chain and produces its own batteries, and it is fast becoming a global brand as it enters ever more foreign markets.
Mini EVs have practical advantages over full-size EVs, and this has made them very popular (as well as cheap) and fundamental to China''s shift to electric mobility. The highest-selling electric sedan in China in both 2021 and 2022 was the Hongguang () mini EV manufactured by Wuling, part of the joint venture that was formed in 2002 with SAIC (one of China''s Big Four auto manufacturers) and General Motors (GM).
The joint venture was initially a successful manufacturer of minivans, but launched the Hongguang in July 2020, which was an immediate market hit, and now accounts for around 90% of SAIC-GM-Wuling''s total sales. The Hongguang starts at 44,800 yuan ($6,563), with three other models ranging up to 99,900 yuan ($14,635). For comparison, as of January 2023, the Nissan Leaf was the cheapest EV in the U.S., with an entry-level model price tag of $20,875 (after the $7,500 federal tax credit).
The Hongguang does not have all the safety features of a conventional size EV, however, and lacks airbags, which is one reason it is more affordable.
The proportion of mini EV sales of total EV sales in China increased from 17.7% in 2019 to 29.8% in 2021. But this proportion fell back to 19.3% in 2022, and the era of the mini EV may be gradually drawing to a close as larger models become more popular and affordable. Sales of the Hongguang increased by only 13% year-on-year in 2022, and in the first quarter of 2023, sales actually dropped by a full 26.2% year-on-year from 105,227 to 77,701 units.
About Chinese ev battery manufacturers
As the photovoltaic (PV) industry continues to evolve, advancements in Chinese ev battery manufacturers have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Chinese ev battery manufacturers for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Chinese ev battery manufacturers featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
Related Contents
