CPCA: BYD, Tesla And Wuling Lead The Year-End Market

The cumulative sales of new energy vehicles in China in 2021 totalled 2.99 million, increasing 169% from a year earlier.

On 11 January, The China Passenger Car Association (CPCA) announced the latest monthly data for the passenger car market.

Photo by Waldemar Brandt on Unsplash

It shows that in December 2021, the retail sales of the narrow passenger car market achieved 2.105 million units, increasing by 27.2% month-to-month, although it turned out to be a negative 7.9% when compared with the same period last year.

In terms of the electric vehicle market, the retail sales reached 475,000 units in December, rising by 128.8% year-on-year and 25.4% month-to-month. Specifically speaking, there were 14 companies whose wholesale sales witnessed a significant increase from the previous period, where BYD (1211:HK) (93,338 units), Tesla China (Nasdaq: TSLA) (70,847 units) and SAIC-GM-Wuling (0305:HK) (60,372 units) are top three players. 

CPCA expects the passenger car market to be better due to customers' relatively strong willingness of purchasing before the Chinese Spring Festival. In the meantime, as domestic consumer acceptance of new energy vehicles (NEV) increases and policy subsidies stabilize, it will certainly drive China's total new energy vehicle sales to soar by 2022, continuing its superb leadership position with a share of over 50% globally.