China's Electric Vehicle Market Size and Share Analysis - Growth Trend and Forecast (2023-2028)

In December 2020, Hyundai Motor Group announced plans to launch an all-electric platform in 2021, using its battery technology to cut production costs and time.

In September 2020, Tesla announced its commitment to reducing the cost of EV batteries and increasing production. The cheapest Tesla sells for $2,021 in 36,500 years.

Due to the large number of local electrical components and vehicles as well as the key national strategies and plans of the government, the market in the country is expected to achieve extraordinary growth in the coming years.

Overview of China's electric vehicle industry

China's electric vehicle market is dominated by a few players such as Beijing Automotive, SAIC Motor Corp, Honda Motor Co, Geely Automobile Co and BYD Co, which is the leader in China's electric vehicle market as orders for its passenger cars and electric buses come from both domestic and international markets. Saic Motor is expected to become the second largest company, followed by Geely Automobile and BAIC Motor. In order to develop advanced products and technologies, the company has invested heavily in research and development.

In June 2022, BMW AG opened a new plant in Shenyang, China. An investment of 15 billion yuan (about $2.2 billion) focused on electric vehicles.

In February 2022, Danfoss announced that its Editron division has successfully started mass production of EM-PMI240-T180 motors designed for electric and hybrid drivetrains for buses at its Nanjing plant in eastern Jiangsu Province.

In June 2021, China Yuchai International Co., Ltd. announced a partnership with Guangxi Shenlong Automobile Manufacturing Co., LTD. (Xinlong) to develop four new energy powertrain systems, including e-CVT power Shunt hybrid Powertrain (YC e-CVT) and integrated electric transaxle powertrain (YC e-Axel) for new energy bus production in South China.

In February 2020, Honda announced the start of sales of the all-new Honda Fit Hybrid. It enhances Honda's 2-motor hybrid system, which drives the vehicle through an electric motor for smooth driving and greater fuel efficiency.