Sales of new energy vehicles (NEVs) in China continued to grow in September 2022, aided by record sales from the US electric car manufacturer, Tesla Inc., and local automaker BYD Co. While Tesla is the market leader among foreign automakers in the EV sector in China, other global automakers are starting to chase Tesla and provide a broader model portfolio. Volkswagen AG, a German automaker, sold 16,383 NEVs in September 2022 through its two regional joint ventures.Production of light vehicles by Tesla Motors in China increased significantly in 2022 in comparison to that in 2021, according to GlobalData.
Meanwhile, Chinese automakers are looking to expand their presence in Europe. For example, EV manufacturers such as Shanghai-based Nio Inc intend to increase their image in Europe by providing three versions in Germany, Denmark, Sweden, and the Netherlands. The Chinese electric and hybrid vehicle market is estimated to reach $135.4 billion in 2022, according to GlobalData.
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