China’s EV sales pass 50% - Toyota Camry & Nissan Sylphy crash 60%
Summary
TLDRWang Chuanfu, CEO of BYD, predicted that electric vehicles (EVs) would reach a 50% market share in China within three months, a forecast that analysts doubted. However, recent data shows that new energy vehicles, including plug-in hybrids and fully electric cars, have hit a 50.4% sales rate, a 30% growth from the previous year. This surge in EV sales has outpaced the overall car market, which declined by 11%. The Chinese government's continued incentives for EV production have contributed to this growth, contrasting with slowing EV sales in the US and Europe. The Economist Intelligence Unit had predicted a 50% EV market share by 2028, but BYD's CEO's prediction has proven more accurate. This shift towards EVs is not only driving innovation in battery technology but also significantly improving air quality in Chinese cities, offering a cleaner and more sustainable future for the automotive industry.
Takeaways
- 🚗 Wang Shan Fu, the CEO of BYD, predicted that electric vehicles (EVs) would reach a 50% market share in China within 3 months, which analysts disputed but has now been proven accurate.
- 📈 In the first two weeks of April, new energy vehicles, including plug-in hybrids and fully electric cars, hit a 50.4% market share in China, a growth of over 30% compared to the same period last year.
- 🔋 Approximately 30% of the new energy vehicles sold are fully electric, while the remaining 20% are plug-in hybrids, which are often used as fully electric vehicles in China.
- 📉 Despite an overall decline in car sales in China by 11%, EV sales have grown by 32% year-over-year, indicating a significant shift in market preference.
- 🌍 The Chinese government continues to incentivize EV production to improve air quality and support the growth of the domestic automotive industry.
- 🏆 China's EV sales are outpacing those of Europe and the United States, where growth has slowed or declined due to the end of incentives.
- 🔮 Predictions from the Economist Intelligence Unit suggested that new energy vehicles would not surpass 50% of sales until 2028, but this milestone has been reached earlier than expected.
- 🚀 The trend of increasing EV sales is supported by wholesale sales rates, which stood at 50.2% during the period in question.
- 📊 Legacy automakers are facing challenges as their sales in China decline, with some even declaring bankruptcy, while EV manufacturers are gaining market share.
- 💡 Innovations in battery technology, such as CATL's lithium iron phosphate battery and BYD's blade battery, are driving the future of electric vehicles with faster charging and higher energy density.
- 🌳 The shift to electric vehicles is contributing to improved air quality in Chinese cities, offering a better quality of life for residents.
Q & A
What did Wang Shan Fu, the CEO of BYD, predict about the electric car market in China?
-Wang Shan Fu predicted that electric cars would hit more than 50% of the car market in China within 3 months.
What was the general consensus among analysts regarding the penetration rate of electric vehicles in China?
-The analysts disagreed with Wang Shan Fu's prediction, stating that EVs wouldn't reach 50% penetration in China until possibly 2028.
What was the Chinese government's stance on the timeline for electric vehicles to reach 50% market share?
-The Chinese government aimed for electric vehicles to reach 50% market share by 2025 or 2026.
What was the recent growth rate in electric vehicle sales in China?
-Electric vehicle sales in China recently hit a 50.4% market share, which represents a growth of more than 30% compared to the same month in the previous year.
What percentage of the 50.4% new energy vehicle sales were fully electric and what percentage were plug-in hybrids?
-About 30% of the new energy vehicle sales were fully electric, and about 20% were plug-in hybrids.
How did retail sales of passenger cars in China compare year-over-year?
-Retail sales of passenger cars in China were down 11% year-over-year, but electric vehicle sales grew by 32% year-over-year.
What has been the impact of continued incentives for electric vehicles in China?
-The continued incentives for electric vehicles in China have contributed to their growth in market share and have encouraged more production of EVs.
What was the Economist Intelligence Unit's prediction for new energy vehicle sales in China by 2028?
-The Economist Intelligence Unit predicted that new energy vehicles would make up over half of sales in China by 2028.
What is the projected sales figure for new energy vehicles in China for the current year?
-The projected sales figure for new energy vehicles in China for the current year is around 12 to 13 million.
What is the estimated percentage of fully electric vehicles sold worldwide this year, including China?
-It is estimated that between 15 to 20% of all vehicles sold worldwide this year will be fully electric.
How have the sales of internal combustion engine vehicles been affected in China?
-Sales of internal combustion engine vehicles are declining in China, with significant drops reported for brands like Toyota Camry and Volkswagen Levita.
What is the positive impact of the shift to electric vehicles on air quality in China?
-The shift to electric vehicles is contributing to improved air quality in China, particularly in heavily polluted cities like Beijing.
Outlines
🚗 CEO Predictions and EV Market Growth in China
Wang Shan Fu, CEO of BYD, predicted that electric vehicles (EVs) would reach a 50% market share in China within three months. Despite initial skepticism from analysts, who believed this wouldn't happen until 2028, BYD's forecast proved accurate as EV sales hit a 50.4% market share in China. This growth is attributed to a combination of fully electric vehicles and plug-in hybrids, with about 30% being fully electric and 20% plug-in hybrids. The Chinese government's continued incentives for EV production have played a significant role in this growth, contrasting with the slowing down of EV sales in Europe and the United States. The Chinese Passenger Car Association reported a year-over-year increase in EV sales by 32%, even as overall car sales declined by 11%. The Economist Intelligence Unit had previously predicted a 50% market share for new energy vehicles by 2028, but the current trend indicates a higher likelihood of reaching 12 to 13 million sales in China alone this year, with around 7 or 8 million being fully electric vehicles.
📉 Legacy Automakers and the Rise of EVs in China
The shift towards electric vehicles in China has had a profound impact on legacy automakers, with companies like Toyota, Honda, and Nissan experiencing a decline in sales. Mitsubishi has faced bankruptcy in China, and other EV manufacturers have also struggled. Despite these challenges, the demand for EVs is driving innovation in the industry, with advancements such as the Shen sing battery from CATL and BYD's blade battery, which offers faster charging, higher energy density, and lower costs. Sales for legacy automakers like General Motors and Volkswagen have fallen significantly, while the air quality in Chinese cities is improving due to the adoption of electric vehicles. This shift is not only beneficial for the environment but also for the everyday lives of people living in urban areas.
Mindmap
Keywords
💡Electric Cars
💡Market Penetration
💡Plug-in Hybrids
💡Fully Electric Cars
💡Year-Over-Year Growth
💡Incentives
💡Internal Combustion Engines
💡Air Quality
💡Battery Technology
💡Legacy Automakers
💡Bankruptcy
Highlights
Wang Shan Fu, CEO of BYD, predicted that electric vehicles (EVs) would reach over 50% market share in China within three months.
Analysts disagreed with this prediction, suggesting that EVs would not hit 50% in China until possibly 2028.
The Chinese government's target for EVs to reach 50% market share was set for 2025 or 2026.
EV sales in China have recently hit a 50.4% market share, a growth of over 30% compared to the same month last year.
This growth was observed during the first two weeks of April, with new energy vehicles, including plug-in hybrids and fully electric cars, reaching 50.4% of all sales.
Approximately 30% of new energy vehicles sold were fully electric, and about 20% were plug-in hybrids.
Retail sales for passenger cars in China were down year-over-year, but EVs grew by 32%, taking more market share than ever before.
The Economist Intelligence Unit predicted that new energy vehicles would make up over half of sales in 2028.
The Chinese Federation of Passenger Cars predicted a 40% market share for EVs this year.
It is estimated that new energy vehicles will reach around 12 to 13 million sales in China for the year.
About 7 or 8 million fully electric car sales are expected in China alone, representing 10% of the entire car market.
Globally, it is projected that 15 to 20% of all vehicles sold this year will be fully electric.
Wholesale sales rates support the trend, with a 50.2% penetration rate observed during the period in question.
Legacy automakers, such as Toyota, Honda, and Nissan, are facing significant declines in sales in China.
Innovations like CATL's lithium iron phosphate battery and BYD's blade battery are driving the future of electric vehicles.
The BYD blade battery offers 27% higher energy density, is around 30% cheaper, and charges faster than the previous version.
The shift to EVs in China is contributing to improved air quality, particularly in heavily polluted cities like Beijing.
The Chinese government's continued incentives for EV production are supporting the growth and innovation in the sector.
Transcripts
Wang Shan Fu the CEO of byd he made some
comments about the Chinese car industry
he he said that electric cars would hit
more than 50% in China within 3 months
now all the analysts disagree now they
didn't attack him or anything but they
have said you know EVS won't hit 50% in
China this year it won't happen until
probably
2028 the Chinese government said it
would happen in 2025 or 2026
but Well turns out the CEO of by is
smarter than they are at least when it
comes to predicting EV sales hello my
friends welcome to the channel I'm Sam
Evans you're watching the electric
Viking it's great to see you B um the
CEO he has well proven to be somewhat of
an oracle he said within the next 3
months EVS would hit 50% penetration
rate in China and I've got to say b a
big part of the reason why this just
happened and did
EV sales have just hit
50.4% in China That's growth of more
than 30% compared to the same month last
year now I've got to say this with a
caveat it's true that there was I think
two weeks in March where ev's hit 48%
and now there's two weeks the first two
weeks of April from the 1st of April to
the 14th of April where new energy
Vehicles meing plug-in hybrids and fully
electric cars hit 50.4% of all sales and
that's what the B the B CEO was
referring to when he said that they
would hit 50% of that 50% about 30% are
fully electric and about 20% are plug in
hybrids meaning they can be used as
fully electric cars and generally in
China unlike Europe people do use them
in that way figures from the Chinese
passenger car Association show that
retail sales were actually
56,000 uh that is interestingly down
year-over-year so car sales in China
have been going down pretty quick down
11% overall but EVS have grown by 32%
year-over-year
meaning they've taken more market share
than ever before 50.4% this is a
phenomenal achievement and it it really
does kind of in a way embarrass Europe
and America where EV sales have been
slowing down have been declining in some
I mean EV sales in the United States
went up were up by a couple of percent
this year for the first quarter not much
though when you consider it's a very low
base of only about 9% last year EV sales
in Europe have gone down a little bit
this year because of the end of
incentives incentives as you can see
have not ended in China the Chinese
government's like no no no that's not a
good idea we want clean air in our
cities we want to have our car
manufacturers making more EVS so they've
continued to incentivize EV production
which I think is great it's working The
Economist intelligence unit predicted
that nevs new energy Vehicles would make
up over half of sales in 2028 in 2028
they said it wouldn't happen until then
until 2028 which is what four years from
now the Chinese Federation of Passenger
cars predicted this year they would hit
40% now bu CEO's gone there no that's
not going to happen it's going to be
50% however it seems as though um new
energy vehicles are likely to hit around
12 to 13 million sales this year in
China alone it's probably likely we're
going to see about 7 or 8 million fully
electric car sells just in China That's
10% of the entire car market 10% so I
mean the world will clearly hit a much
higher percentage than 10% this year um
in terms of pure electric car
penetration worldwide because well 10%
of the world's cars will be fully
electric and they'll be sold in China
alone uh that doesn't include you know
all the EVS that will be sold in
Australia Thailand Malaysia you know
southeast Asia Europe the United States
Canada Mexico Brazil etc etc so we're
probably going to see penetration this
year between 15 to 20% of all vehicles
sold worldwide will be fully electric
now yeah clearly this is only 2 weeks I
get that but it's very clear the trend
is here we saw 48% last month there was
a few weeks where it was
40% this month we're seeing
48% um is now being surpassed we're
hitting
50.4 wholesale sales rates support the
trend as well penetration sale for
wholesale was
50.2% during this Peri period wholesale
sales were 534,906
internal combustion manufacturers
primarily Legacy automakers primarily
Toyota Honda Nissan um you know
obviously Mitsubishi's bankrupt in China
now they've already gone um you know who
else we got Jeeps left they went B they
declared bankruptcy in China as well
last year uh we've got some other EV
manufacturers who are not really selling
cars anymore because they've gone
bankrupt this year uh we've got
thousands of dealerships who have
declared bankruptcy over the past what
12 to 18 months but that's the bad I
mean the bad is also that you've got
General Motors Ford and other Legacy
automakers where their sales have
created in China but the positive is
this more and more people are buying EVs
and they're saying you know what we want
good electric cars this is driving
Innovation it's driving you know
production of things like the Shen sing
battery from catl the lithium phosphate
battery that can charge at 550 KW speeds
it's driving things like Innovation with
by then bringing out their blade battery
version to which charges faster and has
27% higher energy density and is cheaper
than the blade battery was a year
ago 27% higher energency
Cheaper by I believe around 30% and
charges faster I mean that's the future
of electric cars and that's why EVS are
growing last year sake General Motors
their sales fell by 15% Honda sales fell
14% um sake Volkswagen fell 8% niss fell
around
25% um Toyota Camry sales have collapsed
by 60% Volkswagen levita sales are down
36% the niss and silie sales from their
sales 3 years ago they are down
70% I mean internal combustion vehicles
are dying in China and it's very very
satisfying to see it happen the other
big positive here guys is yeah I know
you know you and I there's not many
people who watch who are Chinese who
watch this but if you live in China and
you don't have much choice you have to
work in a city there's a lot of
pollution in places like Beijing but
it's improving it's getting better like
California right the air quality is
improving and the primary reason is
electric cars now you don't have much
choice about the air you breathe right
you walk outside you just have to
breathe what's there but this is making
a huge difference to people's everyday
lives thanks for watching
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