China EV demand set for strong growth in 2022

Sales could double despite phased withdrawal of government subsidies

China’s electric vehicle (EV) market is set to extend last year’s surging growth into 2022 as buyers look to complete purchases before the planned cancellation of government subsidies in 2023. Sales increased by 169.1pc year-on-year in 2021, to 2.99mn units, according to trade group the China Passenger Car Association (CPCA). US manufacturer Tesla sold 473,078 EVs in China that were made at its Shanghai Gigafactory from April to December—roughly half of the 936,000 vehicles it delivered globally last year. Retail sales this year of new-energy vehicles (NEVs)—China’s catch-all term for battery EVs, plug-in hybrids and fuel-cell EVs—could double this year to 6mn vehicles and account for 22pc o

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