China, home to the world’s auto market, is also the global leader in sales and production of electric vehicles. New data suggest that isn’t about to change anytime soon.
Deliveries of electric vehicles more than doubled by 141% in October to 320,000 units, state-run China Daily said Saturday, citing China Passenger Car Association figures. Nearly 19 of every 100 passenger cars sold in the country last month were EVs, including plug-in hybrids. The EV share in October compares with only 5.8% in 2020, according to the newspaper. For the first 10 months of the year, new energy vehicle deliveries gained 191.9% year-on-year to 2.14 million units, with a 13% share of the market.
BYD — backed by Warren Buffett’s Berkshire Hathaway, Tesla and Wuling led the way in local sales, the newspaper said. Younger entrants NIO and Xpeng are establishing footholds in market.
This year’s Guangzhou Auto Show, scheduled expected to open Friday, will boast 241 new energy models, 100 more than at the event last year; young buyers will be in focus, according to the report.
Rising EV sales have helped to boost the fortunes of China entrepreneurs that supply the industry this year. China’s 100 Richest, led by gains among green energy suppliers, saw their collective net worth rise to $1.48 trillion from $1.33 trillion a year earlier. The second-biggest increase in wealth on new Forbes China Rich List released on Nov. 4 went to Robin Zeng, chairman of battery-maker Contemporary Amperex Technology, whose fortune increased to $50.8 billion from $20.1 billion last year. That earned him the No. 3 spot on this year’s list.
Global investor enthusiasm toward EV businesses was on display this week at the Nasdaq, with shares in Amazon-invested Rivian soaring on their debut.
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