The production and sales of new energy vehicles (NEVs) in China surpassed 9.58 million and 9.49 million units respectively, showcasing a significant increase of 35.8 percent and 37.9 percent respectively, the People’s Daily reported.
Besides, the Chinese export of NEVs also witnessed a substantial surge of 77.6 percent, reaching over 1.2 million units last year.
Chinese automakers also continued to innovate and introduce new technologies in 2023, with Changan testing an upcoming model capable of adding 200 km of range from a 10-minute, 800V high-voltage ultra-fast charge enabled by silicon carbide technology.
In recent years, Chinese NEVs have achieved advances in charging, drive systems, connectivity and assisted driving features.
To meet booming international demand, major Chinese automakers moved decisively to establish overseas production capacity in 2023.
In December, NEV leader BYD shared plans for a new Hungarian plant. Earlier, BYD announced a $633 million, three-factory complex launching production in Brazil this year.
Other carmakers like Changan, SAIC and NETA revealed billion-dollar plans for factories in Thailand.
SAIC sold over 1.2 million overseas vehicles in 2023, up 18.8 percent, retaining its number one spot for eight straight years. The company’s MG brand now reaches 28 European countries, with over 100,000 sales there last year.
Global giants back Chinese EVs
Beyond manufacturing expansion, Chinese EV startups also attracted major international investments reflecting confidence in their technologies.
Volkswagen invested $700 million to acquire a 5 percent stake in electric vehicle upstart Xpeng, as the giants pursue closer collaboration.
Audi signed an MoU with SAIC to leverage Chinese expertise in jointly developing new EVs, while Stellantis committed €1.5 billion in October last year to become a strategic shareholder of Leapmotor, eyeing 2024 sales of Leapmotor’s distinct high-tech budget EVs in Europe.
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