CAAM: China’s Penetration Rate of New Energy Passenger Cars Exceeded 20% in December 2021

CAAM: China’s Penetration Rate of New Energy Passenger Cars Exceeded 20% in December 2021

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On Wednesday, the China Association of Automobile Manufactures (CAAM) released a report pointing out that the production and sales volume of new energy vehicles in China were 3.545 million and 3.521 million respectively, both increasing by 1.6 times by the end of 2021 while market share reached 13.4%. Among them, the production and sales volume of new energy vehicles in December, 2021, were 518,000 and 531,000 respectively, each up 1.2 times and 1.1 times.

In the last month of 2021, the penetration rate of new energy vehicles reached 19.1% while the market penetration rate of these vehicles exceeded 20% for the first time, reaching 20.6%.

According to previous statistics published by CAAM, the production and sales of automobiles in China in 2021 were 26.082 million and 26.275 million respectively, up 3.4% and 3.8% year-on-year. Among them, the production and sales volume in December were 2.907 million and 2.786 million.

In terms of passenger cars, the annual production and sales volume were 21.408 million and 21.482 million respectively, up 7.1% and 6.5% year-on-year.

Among the major carmakers, BYD sold 593,745 new energy vehicles in 2021, up 231.6% year-on-year, including 320,810 pure electric vehicles and 272,935 hybrid powertrain vehicles. Tesla China sold 484,100 new cars throughout the year, of which 320,700 were sold in China.

Among the new car companies, XPeng Motors, Li Auto and NIO Inc. all exceeded 90,000 vehicles sold in 2021. Six leading new car enterprises delivered a total of 437,000 vehicles throughout the year, a record high.

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Looking forward to 2022, the sales volume of new energy vehicles in China is expected to be 5.1 to 5.5 million vehicles, continuing to maintain a high growth rate of more than 50%.

Specific to enterprises, Tesla expects to achieve a global production capacity of 3 million vehicles per year by 2022, among which the Tesla Giga Shanghai manufacturing hub has a production capacity of 750,000 vehicles each year. According to China Capital Management, Tesla’s global production and sales are expected to reach more than 1.7 million vehicles in 2022, an increase of more than 80% year-on-year.

Among the local leading enterprises, BYD has a production capacity of 1.2 million vehicles per year. It is estimated that the production capacity of BYD will reach 1.7 million vehicles each year in 2022, which should be able to meet its surging production demand. In September 2021, BYD set its sales target for 2022 at 1.5 million vehicles.

Among the new carmakers, the total sales volume of NIO, XPeng Motors and Li Auto may also increase from 280,000 vehicles in 2021 to over 510,000 vehicles in 2022.

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Author: admin