Results In the first two months (January and February) of 2023, 3.625 million new vehicles were sold in China. This number was decreased by 15.2% compared to 2022. One of […]
In the first two months (January and February) of 2023, 3.625 million new vehicles were sold in China. This number was decreased by 15.2% compared to 2022. One of the reasons of this decline is that the Chinese government finished subsidy by the end of 2022. For example, it applied for people who purchased an Electric Vehicle (EV). Therefore, more people wanted to buy a new car before the end of subsidy. As a result, demand of new cars was higher by the end of 2022 and lower in the beginning of 2023.
However, a positive side of the results in the first two months of 2023 was the increase of EV sales. The number of sales of new EVs in the first two months of 2023 was 662 thousand. This number was increased by 8.4% compared to the last year. Like an EV, the number of sales of new PHV (Plug-in Hybrid Vehicle) in the same period of 2023 was 270 thousand. This number was increased by 68.6% from 2022.
When we see this result, we feel that the Chinese automotive market looks like the Chinese smartphone market.
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