China NEV Number Exceeds 10 Million

Industrials Author: Contributor, Sally Shi, Fuller Wang Jul 06, 2022 12:38 PM (GMT+8)

Over the past six months, there has been a 100% increase in the number of new energy vehicles newly registered. As COVID-19 has become smoother in several regions in China, the expectation of China's NEV market has risen.

New energy vehicles

The Ministry of Public Security of China released the data about the number of vehicles nationwide on July 6, 2022. As of the end of June 2022, the number of motor vehicles in China has reached 406 million. Especially the number of new energy vehicles has reached 10.01 million. The proportion of new energy vehicles, in terms of a total number of vehicles, is 3.23%.  

Over the past six months of 2022, the Ministry of Public Security of China reported the number of 2.21 million new energy vehicles were successfully registered. Newly registered new energy vehicles in that period of time have an increase of 100.26% year-over-year. In detail, the number of the increase is 1.11 million. This number marked a new record for China's new energy vehicles market.

The increase in China's new energy vehicles has been relatively large. With more than 10 million new energy vehicles, the trend of new energy vehicles has become more and more popular. EqualOcean forecast that in 2024, the sales of China's new energy vehicles will pass 10 million.

Multiple car enterprises from China also reported a huge increase in their sales of new energy vehicles in June 2022. For example, GAC Group reported a 19.3% increase month-over-month in June 2022. The reason we compared in the unit of the month is that the market of new energy vehicles in China was influenced by the emergent Omicron. EqualOcean predicts that the upcoming second half of 2022 will be a rapid increase in the sales of new energy vehicles. Because as several regions that were highly impacted by COVID-19 have returned back to normal, such as Shanghai, the manufacturers of new energy vehicles have fastened their process. There will also be a huge number of new generations of new energy vehicles released in the upcoming several months, such as NIO ES7, NIO ET5, Lixiang L9, and others. With the combination of policies toward new energy vehicles and the above reasons, the sales of new energy vehicles in China are expected to rise dramatically.