By 2025, Li Xiang, CEO and founder of China’s auto manufacturing company Li Auto, predicts that electric vehicles could make up 80% of the total new vehicle sales in China. According to Li, more than 80% of all new cars sold in China will be new energy vehicles (NEVs) in December 2025.
In February, the auto boss had forecast that China would have 70% penetration of new energy vehicles by Q4 of 2025, but now he has raised his estimate to 80%.
Li Xiang compared the tremendous expansion of industrial output during the Second World War with the rise in production of electric vehicles occurring in China currently. According to Li Xiang, the smart market for electric vehicles in China in the next few years will be comparable to the final three years of the historic Second World War.
Li Auto supplied 52,584 cars in Q1, up 65.8% year on year and rising by 13.53% from the final quarter of 2022.
The biggest auto market in the world is experiencing a boom in sales of electric vehicles after reaching 25% of the total sales of new vehicles last year. The market share of electric vehicles grew to almost 35% during March, with the statistics for April expected in the following days.
Technology scholar Tony Seba concurs in a recent audio interview conducted by the Driven, which will be made available in the week. Seba, who recently returned from Shanghai, described his observation as astounding. In his opinion, the electric vehicles being made by the automakers in China are amazing in terms of both quality and price. Additionally, China is home to a large number of scale-achieving automakers. According to Seba, the adoption of electric vehicles this year may likely reach 40%–50%.
China isn’t the only country seeing such growth. Other countries, including Australia, are reporting accelerating sales of electric vehicles. The electric vehicle market share in Australia reached 8% in April, up from 1% witnessed during the month of April last year. That number got as high as 21% in the ACT.
There will be significant winners and substantial losers in the worldwide transition to electric automobiles. Car manufacturers such as Tesla and Chinese companies that started producing electric vehicles earlier are anticipated to maintain their advantage. However, as the market environment changes and countries introduce new standards of emissions and pollution, traditional automotive brands from Japan, Germany, and the United States could face significant difficulties.
Those challenges may just be the opportunity that startups such as Atlis Motor Vehicles Inc. (NASDAQ: AMV) need to claim a share of this lucrative market for electric vehicles.
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