1. China is home to half of the global EVs

According to IEA’s report, in 2022, China experienced a significant increase in EV sales. Battery electric vehicle (BEV) sales grew by 60% compared to 2021, reaching 4.4M, while plug-in hybrid electric vehicle (PHEV) sales nearly tripled to 1.5M. Despite a 3% decrease in total car sales, EV sales rose. China accounted for approximately 60% of global new EV registrations and, for the first time, had more than 50% of all EVs on the world's roads, totaling 13.8M.

The growth in EV sales in China has been underpinned by sustained policy support and lower retail prices. In 2022, the sales-weighted average cost of a small BEV in China was below $10,000. This is significantly less than the prices of small BEVs in Europe and the United States, where the sales-weighted average price exceeded $30,000 in the same year.