September 29, 2022

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China’s 2021 EV sales beat global 2020 total

According to a BanklessTimes data projection, global EV sales hit the 6.6M mark in 2021. That figure represents roughly 9% of global car sales in that year. Additionally, it’s double the 3M EVs sold in 2020 and triple the 2.2M units sold in 2019.

BanklessTimes’ compilation shows that China is the largest EV market globally. In 2021, it retailed 3.4M units. That was more than the combined total from the rest of the world in 2020.

Two reasons explain China’s thriving EV market. First, Beijing extended subsidies to the sector up to this year. The chances are that many Chinese EV customers rushed to acquire their vehicles using 2021’s subsidy levels.

Secondly, there’s a wide variety of EVs for the Chinese market. Like the Wuling Hongguang Mini, some provide an affordable entry-level vehicle for first-time owners. All in all, China’s e-car industry will boom in 2022.

EU EV sales outpaced diesel vehicles 

Europe also posted impressive returns. Its 2021 electric vehicle sales amounted to 2.3M cars. However, the annual increase lagged compared to 2020’s.  

In 2020 the European EV market doubled its 2019 sales. Its strict emissions limits partly account for this surge. Again, the region enhanced incentives for purchasing EVs, thus peaking their sales outpacing diesel-powered vehicles for the first time.

Tesla remains the undisputed market leader controlling over 50% of all EVs sold here. That, however, is a decline from the 65% market share it held in 2020. Increased competition partly contributed to the decline.

Reads the full story here: China’s 2021 EV sales beat global 2020 total

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