According to market research firm Counterpoint, sales of passenger electric vehicles (EVs) in China saw a remarkable year-on-year increase of 29% in the first quarter of 2023. Battery electric vehicles (BEVs) accounted for nearly 70% of the total EV sales during this period. Sales of plug-in hybrid electric vehicles (PHEVs) also saw a significant surge, rising by 88% compared to the same timeframe the previous year. “The growth trajectory of China’s passenger EV market is expected to continue throughout 2023,” Counterpoint’s associate director Brady Wang wrote, as part of a report that predicted China’s EV sales will exceed 8 million units by the end of this year. [Counterpoint]
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