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New energy vehicle sales surpass 2 million units for the quarter

New energy vehicle sales surpass 2 million units for the quarter

According to TrendForce, total sales of new energy vehicles (NEVs), including battery-powered vehicles, plug-in hybrids and fuel cell vehicles, reached 2.004 million vehicles in Q1 2022.
The increase compared to the same quarter last year was 80%.Image source: bixusas/pixabay.comSales of classic electric vehicles (BEVs) grew the most, with 1.508 million vehicles sold.
Hybrids with external charging capability (PHEV) sold 493 thousand units.
As a whole, sales in global car market fell by 7% compared to 1st quarter of last year due to lack of chips, events in Ukraine and outbreak of COVID-19 in China.From \"pure\" electric cars leader Tesla had 310,000 cars (20.5% of market), Chinese automaker BYD takes the second place with 143 thousand cars (9.5%).
In addition, in April, BYD announced that the company will stop producing vehicles on classic fuel and completely switch to the production of transport on new energy sources.
In particular, its sales in the first quarter rose by 271% over the same period last year.
SAIC-GM's subsidiary Wuling has been in second place since the premiere of the Wuling Hongguang MINI in 2020, but dropped to third place in the first quarter.
Miniature and budget models like the Chery Ant and Changan Benben, which were released last quarter, were the main contributors to the rapid growth in sales.
As the market fills up with such models, competition will continue to grow.On the market for hybrids with external electric power capabilities, BYD also broke another record.
Sales totaled 142,000 units, and market share in the segment reached 28.8 percent.
At the same time, sales of PHEV hybrids in the European market in Q1 2022 were lower than in the same period last year and even compared to Q4 2021, which affected the performance of some European brands.TrendForce expects that for the foreseeable future, most automakers will pursue a strategy of prioritizing electric vehicles.
Growth in sales of vehicles powered by new energy sources is expected to continue in 2022.At the same time, automakers will experience greater pricing pressure this year.
In particular, the events in Ukraine led to an increase in the cost of batteries.
This has forced automakers to raise prices, and some countries, including China, intend to eliminate subsidies for car purchases.
Another variable will be global inflation, which will determine the further development of the new energy car market.

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