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Electric vehicle adoption in China – through the lens of the Xpeng CEO

2021 has been one of the most fruitful years when it comes to the adoption of new electric vehicles worldwide, especially in China. Chinese customers bought 339,000 new energy vehicles (including battery-electric and plug-in hybrid passenger cars) in November, showing an increase of 16.8% from October 2021. Between January and November 2021, China sold approximately 3 million electric automobiles, an increase of 177.6 % over the previous year.

“This year we certainly saw an explosion of EV penetration,” noted Brian Gu in an interview from Yahoo Finance. Tesla shipped 52,859 automobiles built in China in November (21,127 were for export). XPeng, Li, and Nio, on the other hand, had 15,613, 13,485; and 10,878, respectively.

China’s infrastructure, in comparison to those of other countries, is already looking to the future. China’s automobile sector is unrivaled in terms of innovation, and it shows no signs of slowing down. This is owing to the foresight of China’s industrial leaders, who coordinated the early creation of an enormous supply chain network and tailored their economic structure to allow this fledgling sector to incubate and grow. The country has benefited from the cost savings of in-house efficiency by establishing a foothold in not just battery manufacture but also its upstream derivatives in resource extraction. CATL has a significant influence on indigenous EV companies like Nio, Xpeng, and LiAuto, whereas BYD manufactures both batteries and electric vehicles.

“I think what really moved this penetration rate is actually the availability of very good, smart EV products coupled with acceptance, and also the user behaviors that should actually welcome these products,” Gu said.

China has made it a requirement for automakers to sell 40 percent of all-electric cars by 2030, regardless of the total cost. This should provide investors with a clear picture of how sales will rise. With roughly 2 million charging stations currently in place across China, the infrastructure is in place to suit the enormous country. Because supply limitations are less of a concern in China than they are elsewhere, Chinese automobiles should have a competitive edge with customers in general. Tesla might be an exception. However, if Chinese customers adopt a nationalist preference for domestic companies, they should continue to gain market share in China over Tesla and benefit from the fast expanding demand and popularity.

1 comment
  1. Next time I read a blog, Hopefully it wont fail me as much as this particular one. I mean, Yes, it was my choice to read, however I really believed you would have something helpful to talk about. All I hear is a bunch of whining about something you could fix if you werent too busy searching for attention.

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